SBI cuts benchmark lending rates, deposit rates also reduced

The reduction in the MCLR will cut the equated monthly installments (EMIs) on home loans linked to MCLR by around Rs 7 per Rs 1 lakh on a 30 year loan. EMIs on car loans will also be reduced by Rs 5 per Rs 1 lakh on a 7 year loan, SBI said. One basis point is 0.01 percentage point.

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