The country's largest lender State Bank of India (SBI) on Friday said it has passed on the entire 75 basis points (bps) repo rate cut announced by the Reserve Bank of India.
The new rates, to be effective from April 1, will be applicable for its borrowers availing loans based on external benchmark-linked lending rate (EBR) and repo-linked lending rate (RLLR), the bank said in a statement.
The EBR has been reduced to 7.05 per cent per annum from 7.80 per annum, while RLLR to 6.65 per cent per annum from 7.40 per annum.
The bank said equated-monthly instalments (EMIs) on eligible home loan accounts (linked to EBR or RLLR) will get cheaper by around Rs 52 per Rs 1 lakh on a 30-year loan.
In the seventh bi-monthly monetary policy announced on Friday, the RBI reduced the repo rate by 75 bps, the highest cut in 15 years, to 4.40 per cent from 5.15 per cent.
In March 2004, the RBI had reduced repo rate by one percentage point or 100 basis points.
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