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Question: Does adopting of MCLR method by banks mean a lower interest for personal loans too?

Answer: The major impact of reduction of short term loans due to new calculation methodology will impact home loans, term loans to SME-MSME and mid-corporate borrowers. For personal loans the interest rate will still depend on the bank base rate and there may not be any major change in the interest rate unless banks change their base rate calculation method to MCLR.

The major impact of reduction of short term loans due to new calculation methodology will impact home loans, term loans to SME-MSME and mid-corporate borrowers. For personal loans the interest rate will still depend on the bank base rate and there may not be any major change in the interest rate unless banks change their base rate calculation method to MCLR. Source: CoolInterview.com

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