Question: what is mclr in education loan?
Answer: My understanding mclr is the minimum rate below which banks cannot lend , this rate is determined by lending rate of rbi , which fluctuates based on market rates . ... Educational loan is mclr-y (yearly). so if your bank mclr-y is 9.15 as you mentioned then mclr-y + 2 will give 11.5% will be your educational loan.