New Delhi, Apr 7 (PTI) The country's largest lender State Bank of India (SBI) on Tuesday said it has cut the marginal cost of funds based lending rate (MCLR) by 35 bps across all tenors from April 10.

The one-year MCLR comes down to 7.40 per cent per annum from 7.75 per cent per with effect from April 10, 2020, it said in a statement.

The one-year tenor is the benchmark against which most of the consumer loans are priced.

"Consequently, EMIs on eligible home loan accounts (linked to MCLR) will get cheaper by around Rs 24.00 per 1 lakh on a 30 year loan," SBI said.

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