New Delhi: The country's largest state-owned bank SBI (State Bank of India) has announced a reduction in interest rates, giving its customers large discounts amid a lockdown (SBI reduces lending rates by 15 bps). The bank has cut interest rates by 0.15 per cent. After the reduction, interest rates have come down from 7.40 per cent to 7.25 per cent. The new rates will apply from May 10. This is the 12th consecutive reduction in MCLR by the bank and the second time in the financial year 2020-21. Earlier in April, SBI had slashed interest rates by 0.35 per cent. (File image)
New Delhi: The country's largest state-owned bank SBI (State Bank of India) has announced a reduction in interest rates, giving its customers large discounts amid a lockdown (SBI reduces lending rates by 15 bps). The bank has cut interest rates by 0.15 per cent. After the reduction, interest rates have come down from 7.40 per cent to 7.25 per cent. The new rates will apply from May 10. This is the 12th consecutive reduction in MCLR by the bank and the second time in the financial year 2020-21. Earlier in April, SBI had slashed interest rates by 0.35 per cent. (File image)
Following this decision, EMI on loans based on MCLR will be reduced. The RBI cut the repo rate by 0.75 per cent in March to boost the economy amid the Corona virus. The name of the formula for determining the lending interest rate for banks is Marginal Cost of Fund Lending Rate. (File image)
Following this decision, EMI on loans based on MCLR will be reduced. The RBI cut the repo rate by 0.75 per cent in March to boost the economy amid the Corona virus. The name of the formula for determining the lending interest rate for banks is Marginal Cost of Fund Lending Rate. (File image)
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The formula determined by the banks by the RBI is based on the marginal cost of the fund. The purpose of this formula is to give the customer the benefit of lower interest rates. The aim is to bring transparency in the process of setting interest rates for banks. (File image)
The formula determined by the banks by the RBI is based on the marginal cost of the fund. The purpose of this formula is to give the customer the benefit of lower interest rates. The aim is to bring transparency in the process of setting interest rates for banks. (File image)
Since April 2016, the bank has been fixing lending rates at marginal cost under the new formula. At the same time, banks have to provide MCLR information every month. The rule introduced by the RBI will help make banks more competitive. And economic growth was also expected to benefit. (File image)
Since April 2016, the bank has been fixing lending rates at marginal cost under the new formula. At the same time, banks have to provide MCLR information every month. The rule introduced by the RBI will help make banks more competitive. And economic growth was also expected to benefit. (File image)
Read to Gujarati..
Report by news18
New Delhi: The country's largest state-owned bank SBI (State Bank of India) has announced a reduction in interest rates, giving its customers large discounts amid a lockdown (SBI reduces lending rates by 15 bps). The bank has cut interest rates by 0.15 per cent. After the reduction, interest rates have come down from 7.40 per cent to 7.25 per cent. The new rates will apply from May 10. This is the 12th consecutive reduction in MCLR by the bank and the second time in the financial year 2020-21. Earlier in April, SBI had slashed interest rates by 0.35 per cent. (File image)
Following this decision, EMI on loans based on MCLR will be reduced. The RBI cut the repo rate by 0.75 per cent in March to boost the economy amid the Corona virus. The name of the formula for determining the lending interest rate for banks is Marginal Cost of Fund Lending Rate. (File image)
Following this decision, EMI on loans based on MCLR will be reduced. The RBI cut the repo rate by 0.75 per cent in March to boost the economy amid the Corona virus. The name of the formula for determining the lending interest rate for banks is Marginal Cost of Fund Lending Rate. (File image)
Advertisement
The formula determined by the banks by the RBI is based on the marginal cost of the fund. The purpose of this formula is to give the customer the benefit of lower interest rates. The aim is to bring transparency in the process of setting interest rates for banks. (File image)
The formula determined by the banks by the RBI is based on the marginal cost of the fund. The purpose of this formula is to give the customer the benefit of lower interest rates. The aim is to bring transparency in the process of setting interest rates for banks. (File image)
Since April 2016, the bank has been fixing lending rates at marginal cost under the new formula. At the same time, banks have to provide MCLR information every month. The rule introduced by the RBI will help make banks more competitive. And economic growth was also expected to benefit. (File image)
Since April 2016, the bank has been fixing lending rates at marginal cost under the new formula. At the same time, banks have to provide MCLR information every month. The rule introduced by the RBI will help make banks more competitive. And economic growth was also expected to benefit. (File image)
Read to Gujarati..
Report by news18
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