New Delhi, March 11: Country’s largest lender State Bank of India (SBI) on Wednesday reduced its marginal cost-based lending rates (MCLR) by10-15 basis points across all tenors.

The one year MCLR comes down to 7.75 per cent per annum from 7.85 per cent per annum with effect from March 10, 2020. This is the 10^th consecutive cut in MCLR in FY 2019-20.

Consequently, EMIs on eligible home loan accounts (linked to MCLR) will get cheaper by around Rs 7 per Rs 1 lakh on a 30-year loan. EMIs on car loans will also be reduced by Rs 5 per Rs 1 lakh on a seven-year loan.

In view of adequate liquidity in the system, SBI has also realigned its interest rates on term deposits (TD) with effect from March 10, 2020. Retail TD interest rates was reduced by 10 bps for ‘1 year and above’ tenor and 50 bps for deposits upto ‘45 days’. Bulk TD interest rates got reduced by 15 bps for deposits in “180 days and above” tenors.