Good News from SBI: Home Loan and Personal Loan Interest Rates to be Reduced!

The State Bank of India (SBI) has announced a reduction in interest rates, offering welcome relief to borrowers. In response to the Reserve Bank of India (RBI) reducing the repo rate, SBI has decided to lower interest rates on various loans.

SBI declared a 25 basis point reduction in its Repo-Linked Lending Rate (RLLR), bringing it down to 8.25 percent. Simultaneously, the External Benchmark-Based Lending Rate (EBLR) has also been reduced by 25 basis points, now standing at 8.65 percent.

According to SBI, the revised interest rates will come into effect today. This decision is expected to benefit both existing borrowers and new applicants. The reduction applies to home loans, personal loans, and other retail loans.

Additionally, SBI has made revisions to its deposit interest rates as well. The interest rates on fixed deposits have been decreased by 10 to 20 basis points. For fixed deposits up to ₹3 crore with a tenure of 1–2 years, the interest rate has been cut by 10 basis points, bringing it to 6.70 percent.

For fixed deposits with a 2–3 year tenure, the rate has been reduced from 7 percent to 6.90 percent. In the case of deposits above ₹3 crore with a maturity period of 180–210 days, the interest rate has been lowered by 20 basis points, bringing it to 6.40 percent.