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There is good news for customers who are planning to avail of loans. The State Bank of India (SBI) has announced to cut the base rates by 5 basis points i.e. 0.05%. The revised interest rate on loans after the reduction is 7.45%. Along with this, the lending rate (PLR) is decreased by 5 basis points to 12.20%. These rates are applicable from today, September 15.
This will come as a relief to the customers and their wallets. There will be a reduction seen in monthly installments of various types of loans including home loan, auto loan, personal loan.
Before this, SBI had reduced rates on home loans to 6.70%. It had also come up with a special discount of 5bps to women borrowers in April this year.
The Reserve Bank of India sets the base rate, which is the minimum rate of interest. This is adopted by all the banks as standard rates. At present, RBI has set a base rate set of 7.30-8.80%.