SBI to cut lending rates for SME

State Bank of India (SBI) said it would cut lending rates on loans given to small and medium enterprises (SME) this month.

"We are on the verge of reducing rates for SMEs. If that happens, some lending rates will be reduced by 1-2%. So, as we get a greater sense and certainty about liquidity we will cut the rates in all likelihood by April," SBI Chairman Pratip Chaudhuri said.

Currently, lending rate for SME sector varies between 12.5% to 17%.

Base rate or the minimum lending rate of SBI is currently at 10%. In February, SBI slashed education loan rate by up to 1%.

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