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In essence, the MCLR (MCLR full form - Marginal Cost of Funds-based Lending Rate) is the lowest interest rate at where a bank can lend to its customers on specific loans. The MCLR is an internal benchmark lending rate used by banks to establish loan interest rates. Important Update Our website domain has changed to https://centralbank.bank.in MCLR, Marginal Cost of Funds based Lending Rate is the minimum lending rate below which a bank is not permitted to lend. MCLR replaced earlier base rate system to determine the lending rates for commercial banks. 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.
