Loans and EMIs to be cheaper as SBI to cut repo rate by 75 basis points

New Delhi: State Bank of India, SBI on Friday said that it has decided to pass on the entire 75 basis points repo rate cut announced by the Reserve Bank of India. The new rates, to be effective from 1st of April, will be applicable for its borrowers availing loans based on External Benchmark-linked lending rate, EBR and Repo-Linked Lending Rate, RLLR. The bank said in a statement that equated-monthly installments on eligible home loan accounts, linked to EBR or RLLR will get cheaper by around 52 rupees per one lakh rupees on a 30-year loan.

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