SBI reduces interest rate, know its impact on EMI if the loan amount is 30 lakhs

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SBI cuts MCLR: SBI today cut 15 basis points in MCLR due to which all term loans became cheap. After this deduction, try to understand how much money will be left in your pocket every month.

Highlights

  • SBI cuts MCLR by 15 basis points

  • The reduction in interest rates on the loan will be applicable from May 10 on every term loan.

  • Interest rate was also reduced by 20 basis points on term deposits, which will be applicable from May 12.

  • Interest rate on loan for one year reduced from 7.40% to 7.25%

New Delhi:

The State Bank of India has reduced the MCLR by 15 basis points. This deduction will be effective from 10 May. After the deduction, now the interest on MCLR based loan has become cheaper, which will also reduce your EMI. The new rate will be applicable from May 10. Now the interest rate on loans for one year has come down from 7.40% to 7.25%.

How light will the burden be on your pocket?

Suppose you have taken a loan of 30 lakh rupees from State Bank. In such a situation, how much will be the reduction in EMI going every month. This question is definitely running in your mind. We are going to tell you the complete calculation here.

How much will the EMI decrease?

A deduction of 15 basis points will result in a reduction of Rs 150 in interest on a loan of one lakh. Accordingly, the total reduction in interest on a loan of 30 lakh will be Rs 4500. If the total reduction in interest in one year was Rs 4500, then this reduction in EMI of one month is Rs 4500/12 = 375. Accordingly, your EMI will decrease by Rs 375 every month.

How much benefit in EMI on home loan?

The bank said that this will reduce the monthly installment (EMI) by about 255 rupees on a 30-year home loan of Rs 25 lakh linked to the MCLR. This is the 12th consecutive reduction in MCLR by the bank.

Interest reduced on term deposits too

SBI has also reduced the interest rate on term deposits, which will be applicable from May 12. The interest on the FD has been cut by 20 basis points. It will be applicable for a period of three years.

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