Marginal Cost of Funds based Lending Rate or MCLR came to effect from 1st April 2016. It is based on the repo rate, determined by the RBI. Marginal Cost of Funds based Lending Rate was preceded by the base rate. The base rate lacked transparency and borrowers were almost never benefited from it. Hence, to provide transparency in availing credits, MCLR was introduced. It is … Continue reading How Does MCLR Affect Home Loans?