SBI announces reduction in one-year MCLR by 10 basis points

Country’s largest lender State Bank of India has announced the reduction in its marginal cost of fund based lending rate (MCLR) by 10 basis points across all one-year products. It will be effective from today.

This is the eighth consecutive cut in MCLR by the lender this fiscal. The new one-year MCLR has been cut to 7.90 per cent from 8 per cent.