Mumbai, Jul 8 (PTI) The country's largest lender State Bank of India (SBI) on Wednesday said it has reduced its marginal cost of funds based lending rate (MCLR) by 5-10 basis points (bps) for shorter tenors from July 10.

The reduction in MCLR for shorter tenors - up to three months - is aimed to boost credit off take and revive demand, according to an SBI statement.

Also Read | Google Meet Crosses 10 Crore Downloads Globally on Google Play Store: Report.

With this revision, the bank's MCLR up to three months tenor has come down to 6.65 per cent per annum, which is at par with its external benchmark based lending rate (EBLR).

This is the 14th consecutive reduction in the bank's MCLR, which continues to be the lowest in the market.

Also Read | OnePlus Nord Official Launch Date Confirmed For July 21; India Pre-Orders To Begin From July 15.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)