SBI reduces interest on loans. SBI has reduced interest rates based on MCLR. SBI has made a reduction of 25 basis points. The new interest rates will come into effect from October 15. According to the bank’s website, the interest rate based on MCLR will be reduced from 8.45 percent to 8.20 percent. MCLR is the minimum interest rate charged on a loan.
According to this, 8.2 percent interest rate will be imposed for one day. Interest rates on MCLR-based home, auto and retail loans will all come down. Earlier, RBI did not change the loan interest rates. RBI Governor Shaktikanta Das has kept the repo rate at 6.5 percent.
