SBI Revises Base Rate To 7.45%; Keeps Minimum Lending Rate Unchanged


Previously in May, SBI had reduced its home loan interest rates to 6.7% onwards.

State Bank of India (SBI) on Tuesday revised its base rate to 7.45% per annum with effect from September 15. The country’s largest lender also decided to revise benchmark prime lending rate (BPLR) to 12.20% from the same period.

- Advertisement -

Base rate is the interest rate set by Reserve Bank of India (RBI) for lending to other banks. And, BPLR is the rate at which banks charge their most credit worthy customers.

The current base rate set by the Reserve Bank is 7.30-8.80%.

- Advertisement -

SBI, however, kept marginal cost of funds based lending rate or MCLR unchanged for all tenures. MCLR is the minimum lending rate below which a bank is not allowed to lend.

Previously in May, SBI had reduced its home loan interest rates to 6.7% onwards.

“Home loan interest rates will start from 6.7% for loans up to Rs 30 lakh and 6.95% for loans above Rs 30 lakh and up to 75 lakh. The big-ticket loans above Rs 75 lakh would get home loans at 7.05%,” the lender had stated.

- Advertisement -

SBI also announced a special concession for women borrowers. “Women will get a special 5 bps (basis points) concession,” it mentioned, adding that other “customers can also apply for a loan via its YONO App to earn an additional interest concession of 5 bps.”


Source Link

- Advertisement -

Share

Latest Updates

gulab: Cyclone Gulab set to hit Andhra Pradesh, Odisha today | India News

NEW DELHI: In a rare occurrence during September, a cyclone is set to hit the north Andhra-south Odisha coast on Sunday evening with...

‘Harry Potter’ Actor Tom Felton “On The Mend” After Golf Collapse – Deadline

UPDATE: Actor Tom Felton took to social media today to assure fans that he’s doing fine after collapsing at a golf tournament. In a new...

‘The Witcher’ Renewed For Season 3 By Netflix, Expands With Anime Film, Family Series – Deadline

Netflix has handed an early renewal to the widely popular series The Witcher, greenlighting Season 3 months before Season 2 drops in December. The...

Trending News

gulab: Cyclone Gulab set to hit Andhra Pradesh, Odisha today | India News

NEW DELHI: In a rare occurrence during September, a cyclone is set to hit the north Andhra-south Odisha coast on Sunday evening with...

‘Harry Potter’ Actor Tom Felton “On The Mend” After Golf Collapse – Deadline

UPDATE: Actor Tom Felton took to social media today to assure fans that he’s doing fine after collapsing at a golf tournament. In a new...

‘The Witcher’ Renewed For Season 3 By Netflix, Expands With Anime Film, Family Series – Deadline

Netflix has handed an early renewal to the widely popular series The Witcher, greenlighting Season 3 months before Season 2 drops in December. The...

Netflix Sets Season 5 Premiere Date With Teaser Art – Deadline

Maury the Hormone Monster takes center stage in the latest teaser art for Big Mouth‘s upcoming Season 5. Netflix unveiled the latest look at...

New York Schools Vaccine Mandate Granted Temporary Injunction By Federal Court – Deadline

A federal appeals court has temporarily blocked a vaccine mandate set to go into effect on Monday in the New York City school...

COVID-19 Vaccinated Pregnant Women Pass Protection To Newborns: Study

<!-- -->The study found no increased risks during pregnancy, birth complications. (Representational)Washington: According to a new study, women who receive the mRNA COVID-19...