State Bank of India (SBI) will cut lending rates on loans given to small and medium enterprises (SME) this month. According to SBI Chairman Pratip Chaudhuri “We are on the verge of reducing rates for SMEs. Some lending rates will be reduced by 1-2 per cent. So, as we get a greater sense and certainty about liquidity we will cut the rates in all likelihood by April”
At present lending rate for SME varies between 12.5 per cent to 17 per cent. Base rate or the minimum lending rate of SBI is currently at 10 per cent.
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