The Covid-19 pandemic has led to a sharp drop in interest rates by banks. State Bank of India, the country’s largest bank, announced cut in the marginal cost of the fund-based lending rate at 7.4 per cent on Tuesday. It had already cut the external benchmark linked lending rate and repo linked lending rate to 7.05 per cent and 6.65 per cent.
Most other banks have also cut their lending and deposit rates substantially. And while you are sitting at home, you can use this opportunity to switch lenders, especially in case of unsecured personal or credit card loans. These rate cuts ...
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