The State Bank of India (SBI), on December 30, reduced its external benchmark-based rate (EBR) by 25 basis points from 8.05 percent to 7.80 percent . As per the official statement of India’s largest lending institution, the new rates will be applicable from January 1, 2020.
Because of the reduction in the rate, existing loans linked to the EBR will get reduced by 25 basis points. It will affect both micro, small and medium enterprises (MSME) borrowers and home loan customers.
The new home buyers will get loans at an interest rate starting from 7.90 percent per annum compared to earlier 8.15 percent per annum, it said.
News Source:- Moneycontrol