SBI reduces MCLR by

SBI reduces MCLR by 5-10 bps in the shorter tenors

·         MCLR upto 3 months tenor comes down to 6.65% p.a w.e.f July 10

·         14^th consecutive reduction in bank’s MCLR

·         SBI’s MCLR continues to be the lowest in the market

Country’s largest lender State Bank of India (SBI) has announced the reduction in its MCLR by 5-10 bps in the shorter tenors i.e. upto 3 months, with effect from 10th July 2020, to boost credit off take and revive demand.

This is 14th consecutive reduction in the Bank’s MCLR. With this revision, SBI’s MCLR upto 3 Months tenor comes down to 6.65% p.a., which is on par with the EBLR of SBI.

SBI’s MCLR continues to be the lowest in the market.

Details are being made available on the Bank’s web site.