Loan interest rates reduced by SBI, 8.65% new base rate
Written by : SMTV24x7 | Tue, Jan 02, 2018, 01:26 AM
SBI has announced on Monday that interest rates on loans have been reduced. Interest rates reduced on loans linked to the base rate by 30 basis points.
With this reduction, SBI's base rate now stands at 8.65%.
The move is likely to benefit a large number of old borrowers, said a senior SBI official.
Since April 2016, banks moved to the marginal cost of fund-based lending rate (MCLR) system as the base rate regime was found to be rigid and weak for rate transmission. Currently, SBI's MCLR is in the range of 7.70-8.10%.