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SBI cuts lending rate by 90 bps; home, auto loans to become cheaper

After the move, its MCLR fell to 7.75% from 8.65%, while 3-yr loan rates will now be 8.15%


Reuters/ BS Reporter  |  Mumbai 

State Bank of India, the country's biggest lender by assets, said on Sunday it had cut its lending rates by 90 basis points for maturities ranging from overnight to three-year tenures, after experiencing a surge in deposits. After the move, its so-called overnight marginal cost of funds-based lending rate (MCLR) fell to 7.75% from 8.65%, while three-year loan rates will now be 8.15% from 9.05% previously. Lending rates were also cut across other maturities effective Sunday. Banks have received an estimated Rs 14.9 lakh crore ($219.30 billion) in old 500, and 1,000 rupees ...

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First Published: Sun, January 01 2017. 14:22 IST