SBI: State Bank of India customers will get some relief. State Bank of India (SBI), the country’s largest public sector, has also reduced interest rates on loans. However, the bank has not made any changes in the MCLR. SBI has cut EBLR and RLLR. SBI has reduced loans rates after the Reserve Bank of India (RBI) recently cut the repo rate by 0.25% i.e. 25 basis points. Now the new rates will be applicable today from 15 April 2025.
Cut in EBLR and RLLR
SBI has reduced its EBLR (External Benchmark Based lending Rate) from 8.90% to 8.65%. Similarly, RLR (REPO Linked lending rate) has been reduced from 8.50% to 8.25%. Keep in mind that these rates do not include bank added credit risk premium (CRP), which fixed the total interest rate.
EMI will have a direct impact
After the second consecutive cut in the repo rate by the RBI, it has now come to 6.25%. Since most banks connect their loan interest rates with this repo rate, the interest rates on the loan also decrease when the repo rate is low. This directly benefits customers as relief in EMI. Especially, people who have taken floating rate loan will now reduce EMI.
No change in MCLR
However, SBI has not made any changes in its MCLR (Marginal Cost of Funds Based Lending Rate). One -year MCLR is still at 9%, while three -year -old MCLR remains 9.10%. These rates will also be applicable from April 15.
SBI has said on its website that if there is a change in the repo rate, it will directly affect your home loan or interest rate of the loan related to it. The loan rate will also increase if the repo rate increases. This change will provide relief to customers who have taken a loan from SBI at a floating rate. Now their monthly EMI will be slightly less. However, MCLR based loan customers have not received any relief as no cuts have been made in it.
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