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MCLR Base Rate

Last Updated 30th Apr 2017

Current MCLR Base Rate of All Banks in India

  • MCLR (Marginal Cost of Fund based Lending Rate) is the internal benchmark rate for banks used for benchmarking floating rate loans effective from 1st April 2016
  • MCLR is based on cost of funds for banks and is derived as sum of marginal cost of funds, negative carry on account of CRR, operating costs of banks and tenor premium
  • As MCLR is closely linked to repo rate, it will improve the transmission of RBI’s repo rate cut to the end borrower
  • Banks publish MCLR for at least five durations which are overnight MCLR, 1 month MCLR, 3 month MCLR, 6 month MCLR and 1 year MCLR. However banks may publish MCLR base rates for more than five periods. The banks may revise the MCLR rate every month.
  • Interest rate on each floating rate loan would be reset on based on the duration of the MCLR to which it is linked
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  • decides its own PLR from time to time
  • The RBI or NHB do not mandate or decide the PLR of any NBFC or HFC. Since NBFC’s typically have a higher cost of raising funds and higher cost of operations than those of banks, mostly they tend to offer loans at higher interest rates compared to banks
  • Sometimes, NBFC’s may have different benchmark PLR’s by customer segment and by product. E.g., an NBFC may have one PLR for retail and another one for corporate
  • When pricing a loan, typically offers a discount to the PLR to arrive at its lending rate

Vs.RBI

  • RBI/ NHB require each NBFC/ HFC to set their own rate based on their cost of funds. So, decides its own base rate from time to time based
  • Note that the RBI/ NHB does not decide the rate

Changes in of

  • rate can be revised by periodically in line with changes in interest rates in the market

home loan interest rate and

  • Every floating rate loan sanctioned by is benchmarked to its rate
  • The applicable rate of interest on a floating rate loan will consist of two parts – the applicable and a spread or margin (which is typically negative in case of NBFC’s and HFC’s)
  • Your loan from will be repriced periodically depending upon change in . So, a home loan from will be repriced every time the of changes. Say, you take a loan at minus 6.75% spread when the is 16.25%. This loan will initially be priced at 9.50%. Whenever changes in rate, the applicable rate of interest will change correspondingly.

Past trend of vs RBI Repo Rate

Date RBI Rates Bank Rates
08th Feb 17 0%
07th Dec 16 0%
04th Oct 16 0.25%
05th Apr 16 0.25%
29th Sep 15 0.5%
02nd Jun 15 0.25%
04th Mar 15 0.25%
15th Jan 15 0.25%
28th Jan 14 0.25%
18th Dec 13 0%
29th Oct 13 0.25%
20th Sep 13 0.25%
03rd May 13 0.25%
19th Mar 13 0.25%
29th Jan 13 0.25%
17th Apr 12 0.5%
25th Oct 11 0.25%
16th Sep 11 0.25%
26th Jul 11 0.5%
16th Jun 11 0.25%
03rd May 11 0.5%
17th Mar 11 0.25%
25th Jan 11 0.25%
02nd Nov 10 0.25%
16th Sep 10 0.25%
27th Jul 10 0.25%
02nd Jul 10 0.25%

Vs. RBI Repo Rate Trend

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