Major Banks Cut MCLR Rate: Why Now Might Be the Smartest Time To Let The Bank Fund Your Dreams
Several major public sector banks have announced small cuts in their lending rates, which could help people with floating-rate home, car, or personal loans pay lower EMIs. What is MCLR? MCLR stands for Marginal Cost of Funds-based Lending Rate. It’s the minimum interest rate that banks can charge for loans, and banks change it from…