New Delhi, Oct 29 (KNN) Ahead of Diwali, country’s two biggest lenders State Bank of India and ICICI Bank have announced cuts in loan rates for new borrowers.

Passing on the rate cut by the Reserve Bank of India, both lenders will lower their marginal cost of funds based lending rates (MCLRs) with effect from November 1.

SBI will cut its MCLR by up to 15 bps to 8.9% for a year, making it the lowest MCLR in the industry, while the ICICI Bank will reduce its MCLR by up to 10 bps to 8.95%.

HDFC Bank, which currently has a one- year MCLR of 9.05%, will revise its MCLRs on November 7. (KNN Bureau)