India's largest lender, State Bank of India (SBI), has reduced its lending rate by 25 basis points following the RBI's repo rate cut, making loans cheaper for borrowers. With the reduction, SBI's External Benchmark Linked Rate (EBLR) will come down to 7.90%. SBI also lowered its Marginal Cost of Funds–Based Lending Rate (MCLR) across all tenors by 5 basis points.