State Bank of India (SBI), country’s largest lender, has reduced its external benchmark-based rate (EBR) by 25 basis points (bps) to 7.8% per annum from 8.05% p.a. with effect from January 1, 2020.
“With this reduction, interest rate for existing home loan customers as well as MSME (micro, small and medium enterprises) borrowers, who have availed loans linked to the external benchmark-based rate would come down by 25 bps,” the lender said in a statement.
The bank also said that new home buyers would get loans at an interest rate starting from 7.9% p.a. as compared to 8.15% p.a. earlier. SBI shares on the BSE closed down 0.89% to ₹334.25 in a flat Mumbai market on Monday.
