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Wednesday, September 21, 2016

MCLR





1 Marginal Cost of Funds based Lending Rate (MCLR) is the new RBI guideline for commercial banks to set lending rates. It has replaced the base rate system.

2 Marginal cost of funds is a key component in calculating MCLR. Changes in key rates like repo rate, which alter marginal cost of funds, will impact MCLR.

3 MCLR is a tenure-based benchmark, not a single rate. Banks have to publish at least five MCLR rates across the overnight, one-month, three-month, six-month and one-year tenures.

4 The final lending rates offered by the banks is arrived at by adding the `spread' to the MCLR rate.

5 All floating rate loans are linked to MCLR.

6 Existing borrowers with loans linked to base rate can continue with them till maturity or switch to the MCLR system. However, once a borrower opts for MCLR, they can't switch back.


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