State Bank of India, Bank of India cut MCLR

Mumbai: The country's largest lender State Bank of India (SBI) on Friday announced 5 basis points (bps) reduction in its MCLR across tenors, effective February 10. This is the ninth consecutive cut in MCLR by the bank in current fiscal.

With this reduction, the one-year marginal cost of fundsbased rate (MCLR) has come down to 7.85% per annum from 7.90%, a bank statement said. Bank of India too reduced MCLR by 10 bps for maturities up to 6 months. The bank has reduced interest rates on housing loans.