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SBI cuts external benchmark-based rate by 25 bps

SBI cuts external benchmark-based rate by 25 bps
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Mumbai: The country's largest lender State Bank of India on Monday announced a 25 basis points reduction in its external benchmark-based rate (EBR) to 7.80 per cent per annum from 8.05 per cent per annum, effective January 1, 2020.

With this cut, interest rate for the lender's existing home loan customers as well as micro, small and medium enterprise (MSME) borrowers who have availed loans linked to external benchmark-based rate will reduce by 25 basis points, the lender said.

New home buyers will get loans at an interest rate starting from 7.90 per cent per annum as against 8.15 per cent per annum previously. SBI had introduced floating rate home loans from July 1, 2019. The lender had adopted repo rate as the external benchmark for all floating rate loans for MSME, housing and retail loans from October 1, 2019.

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