Kolkata: Transmitting the full benefit of RBI’s Repo rate cut in December, the country’s largest lender State Bank of India trimmed lending rate by 25 basis points, which will make it cheaper for its existing and new customers to borrow. SBI has more than 50 crore customers, a number far bigger than the combined population of the US and Russia.

SBI has cut its EBLR (External Benchmark Linked Rate) by 25 basis points to 7.90%. It has also trimmed MCLR (Marginal Cost of Funds-Based Lending Rate) across all tenures by 5 basis points. Now one-year maturity MCLR has come down to 8.70%. SBI has cut the Base Rate/BPLR to 9.90% — a cut by 10 basis points. All these rates will be effective from Dec 15.

Simultaneously with the lending rates, SBI has cut the borrowing rates too. It has slashed FD rates for maturity........

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