SBI Home Loans To Turn More Cheaper:- State Bank of India, the country's largest bank today reduced the marginal costs of funds based on Lending Rate (MCLR) by 15 basis points for all its customeers. With this, the lending rate from SBI will come down to 7.25 percent per annum from 7.40%. This will be applicable from May 10th. This happens to be the twelfth reduction in MCLR from SBI in a row. The EMIs on the eligible home loan accounts will get cheaper. Rs 255 will be reduced for a 30 year loan of Rs 25 lakhs. "To safeguard the interests of senior citizens, SBI has introduced a new product ‘SBI Wecare Deposit’ for Senior Citizens. Also, one year MCLR Rate has been reduced to 7.25% w.e.f. May 10, 2020" said SBI in a statement.

To safeguard the interests of senior citizens, SBI has introduced a new product ‘SBI Wecare Deposit’ for Senior Citizens. Also, one year MCLR Rate has been reduced to 7.25% w.e.f. May 10, 2020. Know more: https://t.co/vA7lVEtI07#MCLR #SBI #SeniorCitizens pic.twitter.com/NMK8MLcRKm

— State Bank of India (@TheOfficialSBI) May 7, 2020

All the SBI customers who have their loans linked to its MCLR will be benefited as they would can get the benefits each time the bank makes changes. SBI also slashed its interest rates on retail term deposits by 20 bps for 3 years and it would be effective from May 12th. SBI introduced a special deposit scheme for senior citizens that would fetch them higher interest rate. It is named as SBI Wecare Deposit. This new product will help the senior citizens get more interest in this tough time. Additional 30 bps premium will be payable for senior citizen's retail plan with deposits of five years and above.