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The country's largest lender State Bank of India (SBI) on Monday announced it will reduce marginal cost of fund based lending rate (MCLR) by 25 basis points across all tenors from Wednesday.
The one year MCLR has been revised to 7 per cent from 7.25 per cent, the bank said in a release.
This is the thirteenth consecutive reduction in the bank's MCLR.
The bank also announced to reduce its external benchmark linked lending rate (EBR) as well as repo linked lending rate (RLLR) by 40 basis points from July 1.
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