SBI's Debt Becomes Cheaper, Know How Much Reduced Interest Rate

State Bank of India has cut the Bank MCLR by 0.10 per cent for a period of one year, which has come down from 7.85 per cent to 7.75 per cent.

Home, personal and car loans of State Bank of India (SBI) have become cheaper. The country’s largest bank on Wednesday cut the Marginal Cost of Funds based lending rate (MCLR) for various periods. The bank has reduced these by 0.15 per cent. The new rates are effective from March 10.

SBI has cut the Bank MCLR by 0.10 per cent for a period of one year, which has come down from 7.85 per cent to 7.75 per cent. The bank has cut MCLR for the 10th consecutive time in the current financial year.

Similarly, the two-year and three-year bank MCLR has been reduced by 0.10 per cent to 7.95 per cent and 8.05 per cent respectively. Earlier on Monday, Union Bank of India announced a reduction of 0.10 per cent in its MCLR.

SBI Bank MCLR Rate Effective March 10, 2020

Period	Old Rates	New Rates
Over Night	7.6	7.45
One Month	7.6	7.45
Three Month	7.65	7.5
Six Month	7.8	7.7
One Year	7.85	7.75
Two Year	8.05	7.95
Three Month	8.15	8.05

For the second time in a month, SBI has reduced the MCLR. In February 2020, the bank cut its MCLR by 0.05 per cent for all periods.

However, customers should remember that the reduction in MCLR will affect their EMI only when the reset date of the loan arrives. Usually, banks offer a reset period of six months or one year in a home loan.

Check all bank MCLR