Mumbai: State Bank of India (SBI) has reduced Base rate and Benchmark Prime Lending Rate (BPLR) by 30 basis points (bps) with effect from January 01, 2018. The revised base rate is reduced from 8.95% to 8.65% for existing customers and BPLR is reduced from 13.70% to 13.40%. Additionally, bank has decided to extend on-going waiver on home loan processing fees till March 31, 2018 for new customers keen on buying their dream house and other customers looking to switch their existing loans to SBI.

On the announcement, Mr. P. K. Gupta, Managing Director – Retail and Digital Banking, SBI said, ” The reduction in base rate is a new year gift to the bank’s loyal customers as a large number of consumers who have their loan linked to base rate will be benefitted by decrease in rates. This reduction is part of bank’s efforts to ensure transmission of reduction in the policy rates in the recent past. Approximately 80 lakh customers will be benefitted by this move.”