
What is the MCLR and how does it affect the economy?
Marginal cost of funds-based lending rate (MCLR) is an internal reference rate for banks fixed by the Reserve Bank of India (RBI). It is used to define the minimum rate of interest that a bank can charge lenders on the loans it provides – whether those are big Home Loans, small Personal Loans, easy loans, fast loans, and secured and unsecured loans.
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