State Bank of India (SBI), has lowered benchmark lending rate by 0.05% across maturities.

The marginal cost of funds based lending rates (MCLR) has seen a reduction after almost 10 months.

As per the SBI website, due to reduction, the MCLR for 1 year has come down to 7.95% from 8 % and the new rate will come into effect from November 1.

The MCLR on overnight borrowings has been lowered to 7.70% from 7.75%, while the lending rate for 3 year term has been slashed  from 8.15% to 8.10%.

Read EquityPandit’s Technical Analysis on SBI