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Question: Is the new MCLR method used for personal loans or only floating loans?

Answer: Marginal Cost of funds-based Lending Rate (MCLR) is a new framework introduced by RBI for banks to replace the older benchmark rate or base rate system. There is no fixed rule for personal loans which have a fixed interest rate as mostly all floating rate loans were linked to the MCLR system. Some banks like SBI have however linked their personal and car loans to the MCLR system as well.

Marginal Cost of funds-based Lending Rate (MCLR) is a new framework introduced by RBI for banks to replace the older benchmark rate or base rate system. There is no fixed rule for personal loans which have a fixed interest rate as mostly all floating rate loans were linked to the MCLR system. Some banks like SBI have however linked their personal and car loans to the MCLR system as well. Source: CoolInterview.com

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