SBI Cuts Loan Rates: Home Loan EMIs to Drop; New Rates From Dec 15

• State Bank of India (SBI) announced changes to loan and deposit interest rates, effective December 15.
• SBI reduced its MCLR by 5 basis points across all tenors, with the one-year MCLR now at 8.70%.
• The External Benchmark Linked Rate (EBLR) for floating rate loans, including home loans, was significantly cut by 25 basis points to 7.90%.
• These changes are expected to reduce EMIs for home loan and other floating rate loan borrowers.

Why It Matters: SBI's rate changes could reduce loan EMIs, impacting borrowers and some depositors.