SBI Loans To Get Cheaper As Bank Reduces Key Lending Rate ndtv.com

State Bank of India (SBI) said on Friday that it has reduced its MCLR (marginal cost of funds-based lending rate) by 5 basis points across all tenors. One basis point is equivalent to 0.01 per cent or 1/100th of a per cent. After the revision, the state-run lender's one-year MCLR stands lowered to 8.45 per cent per annum from 8.50 per cent.