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MCLR (Marginal Cost of Funds-Based Lending Rate) has replaced the base rate as the benchmark for Home Loan interest rates. While base rates are revised quarterly, MCLR rates fluctuate based on repo rates and tenure. If you're on a Base Rate Loan, switching to MCLR could save you money. HDFC Bank loan rates: Borrowers with home, auto, or personal loans connected to the MCLR will see their interest rates adjusted at the time of their next reset period, in line with the revised rates. Learn about MCLR and Base Rate, their differences, calculation methods, impact, deadlines for MCLR disclosure, and how to convert Base Rate to MCLR easily. MCLR, or Marginal Cost of Funds based Lending Rate, is the minimum interest rate below which a bank in India is not permitted to lend, except in specific cases allowed by the Reserve Bank of India (RBI).
