There is a piece of good news for all SBI customers. State Bank of India has announced that there will be a reduction in the EMI. Which will be effective from the 10th of June. 2020.
The country’s largest bank SBI on Monday announced good news for its customers. The bank has announced a 0.25 percent reduction in the marginal cost-based interest rate (MCLR) With this, the bank’s one-year MCLR has come down from 7.25 percent to 7 percent. This reduction in interest rates will be effective from June 10, 2020. The bank has also announced a reduction in the base rate by 0.75 per cent. With this, the base rate of the bank has come down from 8.15% to 7.40%. This deduction will also be applicable from June 10, 2020.
Apart from this, the bank has also announced a reduction of 0.40 percent in the interest rate on the external benchmark linked lending rate (EBR). After this deduction, the bank’s EBR has come down from 7.05 percent to 6.65 percent. This change will be effective from July 1, 2020. At the same time, RLLR has come down from 6.65 percent to 6.25 percent. This reduction in interest rate will be effective from June 1, 2020.
With this reduction in interest rates by the bank, there will be a significant reduction in the EMI burden of the people. The bank has said that EMI will be reduced by Rs 421 on an MCLR based home loan of Rs 25 lakh for a period of 30 years. At the same time, EMI will be reduced by Rs 660 on EBR / RLLR based home loan.