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  • MCLR: MCLR is the new benchmark lending rate for floating rate loans.

  • This is the minimum interest rate at which commercial banks can lend.

  • All banks moved to MCLR in April this year. This rate is based on four components—marginal cost of funds, negative carry on account of cash reserve ratio, operating costs and tenor premium.


BASE RATE

Till 31 March this year banks used to lend on base rate, which was the minimum Home Loan Interest Rates at which commercial banks could lend to customers. Base rate mainly includes three things: cost of fund, unallocated cost of resources and return on net worth. The ratio of these three elements differed across lenders.


  • BPLR Till June 2010, BPLR was used as the benchmark rate by banks for lending. Banks would keep BPLR at an artificially high level and charge most of their borrowers a rate much below this.

  • [Source: http://www.livemint.com/Money/Vl55GxfRmefTeY0fadqEHO/Oneminute-guide-Interest-rate-on-home-loans.html]


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