Thursday, October 10, 2019

SBI happy news: Home-car-personal loan loan will be available cheap today, bank reduced interest

State Bank of India (SBI) has reduced MCLR from today. That is, now taking loans like home loan, car loan, personal loan etc. of SBI Bank will become more cheap. Now, according to the new rates, the MCLR rate will be 8.05 percent from October 10 onwards. 

SBI has cut interest rates by 10 basis points for the financial year 2019-20 for the sixth time. SBI Bank has given gifts to millions of customers by cutting interest rates before Diwali. The new interest rates on SBI Bank's loan have come down from 8.15 per cent to 8.05 per cent. These new rates have come into effect from today. SBI Bank has raised interest rates after reducing the repo rate of RBI. The Reserve Bank of India gave the people another gift on Diwali. The RBI cut the repo rate by 25 basis points, after which the repo rate has come down from 5.40 per cent to 5.15 per cent. 

The October 4 repo rate was cut in a three-day meeting of the Monetary Policy Committee (RBI Monetary Policy Meeting) headed by Reserve Bank Governor Shaktikanta Das. RBI has also reduced GDP estimates. The RBI revised the GDP estimate for 2020-21 to 7.2 per cent.