SBI reduces MCLR by 5-10 bps to 6.65% in the shorter tenors

Country’s largest lender State Bank of India (SBI) on Wednesday announced reduction in its MCLR by 5-10 basis points in the shorter tenors i.e. upto 3 months, with effect from July 10 2020, to boost credit off take and revive demand.

This is the 14th consecutive reduction in the Bank’s MCLR. With this revision, SBI’s MCLR upto 3 Months tenor comes down to 6.65% per annum, which is on par with the EBLR of SBI.

SBI’s MCLR continues to be the lowest in the market.