This is the seventh consecutive cut in lending rates by the bank this fiscal.
Base rate has been kept unchanged at 9.50 per cent per annum.
The rate reduction is not applicable to the repo-linked loans.
The one-year MCLR will come down to 8.15 per cent per annum from 8.25 per cent per annum from Tuesday.
A move aimed at ensuring faster transmission of policy rate cuts to borrowers.
The new one-year MCLR or the marginal cost based lending rates will come down to 8.25 per cent from 8.40 pc annum.
Even a slight difference in their interest rates can lead to a significant difference in the overall interest cost of the loan.
A cut of 5-10 bps will not take down home loan interest rate instantly for the existing home loan borrower.
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