New Delhi : SBI announces loan discounts . The State Bank of India today announced a reduction in its debt rates. According to the bank, the MCLR has reduced its base rate by 15 points. According to the bank, the MCLR fell from 7.4 percent for the year to 7.25 percent. This is the MCLR’s 12th consecutive discount. After the rebate, the home loan of Rs 2.5 lakh for 30 years based on MCLR will be reduced by Rs 255 in EMI. The new rate will take effect on May 10.
The bank also announced a 0.2 percent reduction in FD rates. According to the bank, the FD rate has been reduced due to high cash flow in the system. The new rate will take effect on May 12.
Following FD’s concession, the bank launched a special product for senior citizens. The interest rate on senior citizens will be 0.3%. This offer is valid for deposits of 5 years or more. The scheme will run until September 30, 2020.
