Added on : 2019-12-30 16:48:22
The State Bank of India (SBI) reduced its external benchmark-based rate (EBR) by 25 basis points from 8.05 percent to 7.80 percent. As per the official statement of India's largest lending institution, the new rates will be applicable from January 1, 2020. Because of the reduction in the rate, existing loans linked to the EBR will get reduced by 25 basis points. The new home buyers will get loans at an interest rate starting from 7.90 percent per annum compared to earlier 8.15 percent per annum, it said.