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Top two lenders in the country, State Bank of India (SBI) and ICICI Bank , today announced a cut of 0.15 percent and 0.10 percent in their lending rates respectively under a new system of computation, signalling a further dip in borrowing costs ahead of the busy season. Private sector lender ICICI Bank was the first to announce a cut of 0.10 percent in its marginal cost of funds based lending rate (MCLR) across tenors, which was followed by a similar move by the country's largest lender SBI, but of a larger measure of 0.15 percent.
Under the revised rates, the one-year MCLR which determined a slew of products including home loans for SBI stands at 8.90 percent, while the same for ICICI Bank are at 8.95 percent. The revised rates are effective from November 1 in case of both the banks. SBI has kept the overnight MCLR, which is the most aggressive offering, at 8.65 percent, while the one month is at 8.75 percent. The announcements come after repeated displeasure shown by the regulator for not passing on the benefits of cuts to borrowers and give a boost to the sagging economic growth.