SBI cuts home loan rate twice in a month

New Delhi: s”As a result, interest rates on all loans linked to MCLR stand reduced by 5 bps with effect from May 10, 2019,” SBI said in a release.
This is the second rate cut by the bank in the last one month. After the RBI’s April Monetary Policy, the MCLR was reduced by 5 bps.  Taking into account Friday’s MCLR cut, the reduction in home loan rates since April 10, 2019, has been 15 bps, the bank added. SBI has linked its cash credit/over draft rates above Rs 1 lakh to the repo rate from May 1 for better transmission of RBI’s policy rates.  SBI witnessed a net loss of Rs 7,718.17 crore during the corresponding January-March quarter of 2017-18.