SBI cuts lending rates by 0.10%, loans to become cheaper
New Delhi: The State Bank of India or SBI on Monday announced a cut in the marginal cost of funds-based lending (MCLR) rate by 10 bps (0.10%) across all tenors. With this cut, SBI home, car and other linked loans will become cheaper. After today’s revision, SBI’s one-year MCLR has come down to 7.90% per annum from 8.00% per annum.
The rate cut comes into effect from Tuesday (December 10, 2019). It is to be mentioned that this is the eighth consecutive cut in MCLR by SBI in this financial year. SBI said it continues to remain the “cheapest loan provider in the country” and that the latest rate cut is meant to “pass on the benefit of its reducing cost of funds to the customers.”
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The lender decided to adopt Repo Rate as the external benchmark for all floating rate loans for MSME, housing and retail loans effective October 1, 2019, as per RBI’s notification. For new borrowers, SBI offers repo-rate linked home loan scheme. Under this scheme, the loan rate gets adjusted as and when RBI revises its benchmark repo rate.
It is worth mentioning that MCLR rates are based on the bank’s own cost of funds. If a customer’s home loan is linked to SBI’s MCLR rate, the latest cut may not bring down the EMIs immediately. Ideally, when RBI revises the repo rate, banks’ MCLR should move in tandem. However, since banks only source about 1 per cent of their deposits at the RBI’s repo rate, their cost of funds decrease or increase by a smaller amount compared to repo rate movement, limiting the changes in MCLR.
MCLR-based loans typically have a one-year reset clause. An RRLR-based home loan, on the other hand, has no reset date, which means that for existing customers the interest rate and EMI changes from the very next month of RBI’s rate revision. Currently, SBI is the largest commercial bank in terms of assets, deposits, branches, customers and employees.
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