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Tuesday, June 9, 2020

Big SBI gift to millions of customers! This special benefit will be available from June 10 amid the Corona crisis

State Bank of India (SBI), the country's largest government bank, has given big gifts to millions of its customers. The country is currently in the 'Unlock 1' stage amid the war against Corona. Then SBI made a big announcement on Monday. The bank has reduced the MCLR for the 13th consecutive time.

According to media reports, SBI said the new rates would come into effect from June 10, 2020. The bank has reduced the marginal cost of funds lending rates (MCLR) by 25 basis points, or 0.25 per cent. The MCLR will then fall to 7 per cent for one year thereafter. The report said. At the same time, SBI has slashed the base rate by 0.75 per cent. According to the report, the bank said in a statement that the base rate would be reduced from 8.15 per cent to 7.40 per cent after the cut. This will also be implemented from June 10.

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According to the report, the bank said that the Reserve Bank of India (RBI) has reduced interest rates by 0.40 per cent. So the full benefit of this will be given to the customer. The RBI made the announcement on May 22. The reduction in interest rates by SBI will benefit borrowers in EMI. According to the report, if a customer has taken a loan of Rs 25 lakh from SBI for 30 years, the EMI in MCLR can be reduced to around Rs 421 per month. But if a customer's loan is linked to EBR / RLLR, his EMI can go down to around Rs 660 per month.

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