State Bank of India (SBI) on Sunday reduced its marginal cost of funds based lending rate (MCLR) by 90 basis points across maturities. The new rates will be effective from January 1, 2017, cited SBI in a press release. The overnight MCLR rate now stands at 7.75% as against the existing rate of 8.65% . ALSO READ: State Bank of India launches SBI Pay app Similarly, the bank has revised MCLR rate in a range of 7.85% to 8.15% for loans with tenors of one month to three years. With the revision in new rate, the bank has reduced its benchmark rate by 200 basis points from January 2015.
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