Effective from March 10, 2020, the one-year MCLR has been cut by 10 bps to 7.75 per cent, down from 7.85 per cent.
Similarly, three-month MCLR now stands at 7.50 per cent, down 15 bps from 7.65 per cent.
MCLR rates effective from March 10, 2020
|Tenor||Existing MCLR (In %)||Revised MCLR (In %)|
Source: SBI website.
This is the second time that the bank has reduced the MCLR rates in one month. In February, 2020, bank reduced its MCLR across all tenures by 5 bps.
However, borrowers must remember that the reduction of MCLR will impact their equated monthly instalment (EMI) only when the reset date of their loans arrives.
Typically, in a home loan,…