SBI makes EMIs cheaper, cuts benchmark lending rate by 0.15%
SBI makes EMIs cheaper, cuts benchmark lending rate by 0.15%
In a move that will lower home loan and other EMIs for borrowers, the country’s largest bank, SBI, has reduced its benchmark lending rate by 0.15% to 9.10%
Ahead of the Reserve Bank of India’s (RBI’s) monetary policy this week, the country’s largest bank, State Bank of India (SBI), on April 3, 2017, reduced its benchmark lending rate by 0.15% to 9.10%, in a move that will lower EMIs for borrowers.
- The minimum lending rate of the bank has been reduced from 9.25% to 9.10%, effective April 1, 2017.
- The bank has also reduced its base rate by 0.05% to 9.25%.
- Similarly, the Benchmark Prime Lending Rate (BPLR) has also been reduced by similar percentage points to 13.85% from 14%.
With the reduction, the EMIs for new, as well as existing borrowers, who have taken housing and car loans at base rate, will come down by at least 0.15%.”
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