State bank of India, the largest public sector bank in the country has announced that will reduce the interest rate on home loans. This will be effective from tomorrow (August 10).
The announcement of SBI, the largest lender in India comes after the apex bank of India, RBI cut the repo rate by 35 basis points or 0.35% to 5.40%.
SBI announced that its Marginal Cost of Funds-based Lending Rates (MCLR) will be declined by 15 basis points or 0.15%. The new rates of 8.25% will be effective from tomorrow.
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