SBI Cuts MCLR By 35 Basis Points Effective April 10

The country's largest lender State Bank of India on Tuesday said it has cut the marginal cost of funds based lending rate by 35 basis points across all tenors from April 10.

The one-year MCLR comes down to 7.40 percent per annum from 7.75 percent with effect from April 10, 2020, it said in a statement. The one-year tenor is the benchmark against which most of the consumer loans are priced.

"Consequently, EMIs on eligible home loan accounts will get cheaper by around Rs 24.00 per 1 lakh on a 30-year loan," SBI said.