SBI MCLR rates w.e.f September 10
|Tenor||Existing MCLR (In %)||Revised MCLR (In %)|
Post the latest Reserve Bank of India (RBI) policy n August, this is the second rate cut by the bank. After the August monetary policy review the bank had announced a 15 bps across all tenors with effect from August 10.
It is not just SBI that has been cutting interest rates on loans, others too have been reducing rates. These include Central Bank of India, Axis Bank, Oriental Bank of Commerce, IDBI Bank and IDFC First Bank.
This calendar year, RBI has cut the repo rate by a total of 110 bps. However, banks have not cut interest rates with this rigor and this has been a quip by most borrowers. To tackle this issue of interest rate cut transmission, the central bank has announced that all the loans sanctioned from October 1, 2019 will have to…