SBI Rate Cut: ₹50 Lakh Loan Saves ₹779 Monthly, ₹9 Lakh Over 20 Years

• SBI has reduced interest rates on all retail loans by 0.25% following the RBI's repo rate cut.
• The new interest rate for external benchmark-linked loans is 7.90%, effective December 15.
• This reduction will benefit both existing and new loan customers, making EMIs cheaper.
• A ₹50 lakh home loan over 20 years will see monthly savings of ₹779.
• Total savings on a ₹50 lakh, 20-year home loan could amount to ₹9 lakh over the loan tenure.

Why It Matters: SBI's rate cut directly lowers loan costs for millions of borrowers.