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SBI reduces interest rates on loans

India’s largest lender State Bank of India on Monday lowered interest rates from 8.95% to 8.65%. A senior SBI official reportedly said the reduction of base rate by 30 basis points is likely to benefit a large number of old borrowers. The base rate is the floor rate below which the bank does not give loans to prime customers. SBI’s move will benefit long-term retail borrowers particularly students and the home loan borrowers, suggest reports.

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