State Bank of Travancore Cuts Lending Rates

By | February 9, 2017

SBT Home Loan Rates Cut

February always brings along some good cheer, and that’s not only because of Valentine’s Day. Well, maybe it’s partly because of it. But, it’s also because of the announcement of the Union Budget and another announcement which will surely bring some respite to potential borrowers.

Additional Reading: Union Budget 2017: What You Need To Know

If you’ve been looking to borrow money, we have some news for you. Well, not us directly but the State Bank of Travancore (SBT) does. When the Union Budget was announced earlier this month, there was another announcement made by the State Bank Of Travancore (SBT) too. Although the former stole the latter’s thunder, the bank announced revised lending rates effective from 1st February 2017.

SBT, which is an associate of State Bank Of India (SBI), has lowered its marginal cost of funds-based lending rate (MCLR) by 0.65 percent across tenors for all fresh loans and advances disbursed/renewed from 1st February.

Without more dilly-dallying let’s take a look at the revised rates, shall we?

Additional Reading: Borrowers May Switch To MCLR Loans

The bank cut its one-year MCLR by 65 basis points from 9.20 percent to 8.55 percent. The revised rates for MCLRs for various tenors are as below:

Overnight – 7.95 %

One month – 8.15 %

Three months – 8.25 %

Six months – 8.40 %

One Year – 8.55 %

Under the MCLR method, the lending rates are usually revised by banks at their discretion. It could be every quarter, half-yearly, or annually.

Additional Reading: What Is Marginal Cost Of Funds-Based Lending Rate?

Well, if it’s a loan you’re interested in and would like to compare across lenders, just click on the link below and compare away. We’ve even got some special deals this February with our Finance Mega Mela sale that you’re sure to love.

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