The country's largest bank SBI announced good news for its creditors. The bank has announced a 0.25 per cent cut in interest rates.

New Delhi: The country's largest bank SBI announced good news for its creditors. The bank has announced a 0.25 per cent cut in interest rates. In addition, the bank's one-year MCLR has come down from 7.25% to 7%.

The reduction in interest rates will take effect from June 10. The bank has cut MCLR for the 13th consecutive time. The bank has also announced a 0.75 per cent cut in the base rate. In addition, the bank's base rate has been reduced from 8.15% to 7.40%.

SBIThis reduction will also be effective June 10. In addition, the bank has announced a 0.40% cut in interest rates on external benchmark based rate (EBR).

The bank has also announced a 0.40 per cent cut in the repo-linked lending rate (RLLR). As such, the bank has announced a 0.40 per cent cut in the latest repo rate for its customers. Following the deduction, the bank's EBR has come down from 7.05% to 6.65%. This change will take effect on July 1.

SBIAt the same time, the RLLR has come down from 6.65 per cent to 6.25 per cent. With this reduction in interest rates by the bank, there will be a significant reduction in the EMI burden of the people.

The bank has said that EMI will reduce the MCLR-based home loan of Rs 25 lakh by Rs 421 for a period of 30 years. At the same time, EMI on the same amount of EBR/RLLR based home loan for the same period will be reduced by Rs 660.