Question: what is mclr in sbi home loan?
Answer: MCLR is defined as the minimum rate of interest benchmarked by the bank below which the bank cannot lend to the customers. MCLR rates slashed by SBI across all tenors. State Bank of India has slashed its Marginal Cost of funds-based Lending Rate (MCLR) by 5 to 10 basis points (bps) across for short-term loans.