{"id":43062,"date":"2019-08-16T17:12:02","date_gmt":"2019-08-16T11:42:02","guid":{"rendered":"https:\/\/www.oliveboard.in\/blog\/?p=43062"},"modified":"2025-05-26T22:35:03","modified_gmt":"2025-05-26T17:05:03","slug":"difference-between-mclr-and-base-rates","status":"publish","type":"post","link":"https:\/\/www.oliveboard.in\/blog\/difference-between-mclr-and-base-rates\/","title":{"rendered":"Difference b\/w MCLR &#038; Base Rates &#8211; Know Here &#8211; RBI Grade B Exam"},"content":{"rendered":"<p style=\"text-align: justify;\"><span style=\"color: #000000;\">Often while reading <strong>Economic\/Financial news<\/strong> or listening to <strong>Business news<\/strong>, you must have come across the terms <strong>Base Rate<\/strong> and <strong>MCLR<\/strong> and often must have wondered what are these rates. Some of you might be aware of the terms while some others might not be. So in this blog post, we would <strong>discuss about these rates<\/strong> and the difference between MCLR and Base Rates. We would also know here <strong>who controls these rates<\/strong> and how these <strong>rates affect the lives of the common man<\/strong>. The <strong>MCLR is also determined by considering deposit rates and repo rates<\/strong>, along with <strong>operating costs<\/strong> and <strong>cost of maintaining the cash reserve ratio<\/strong>.\u00a0<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"color: #0000ff;\"><strong><a style=\"color: #0000ff;\" href=\"https:\/\/www.oliveboard.in\/rbi-grade-b\/?ref=hny\" target=\"_blank\" rel=\"noopener\">Register for the RBI Grade B Mock Tests Here<\/a><\/strong><\/span><\/p>\n<h2><strong><span style=\"color: #000000;\">Difference between MCLR and Base Rates<\/span><\/strong><\/h2>\n<h3><span style=\"color: #000000;\"><strong>Base Rate<\/strong><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\"><strong>1.<\/strong> The base rate is the <strong>minimum rate of interest that is set by a country\u2019s central bank<\/strong> (RBI) for lending a loan. This rate is usually taken as the <strong>standard interest rate by all the banks<\/strong> functioning in the country. <\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\"><strong>2.<\/strong> Once the base rate is announced by the central bank (RBI), no bank is permitted to offer any type of loan to its customers at a rate that is <strong>lower than the base rate<\/strong> that has been set by the central bank of a nation.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\"><strong>3.<\/strong> To make the <strong>credit market more transparent<\/strong> &amp; to <strong>ensure that the banks charge a lower interest rate<\/strong> (to <strong>improve the transmission of monetary policy<\/strong>), Reserve Bank of India,\u00a0on <strong>July 1, 2010<\/strong>,\u00a0introduced the concept of base rate\u00a0across all banks in India.<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"color: #0000ff;\"><strong><a style=\"color: #0000ff;\" href=\"https:\/\/www.oliveboard.in\/rbi-grade-b\/?ref=hny\" target=\"_blank\" rel=\"noopener\">Register for the RBI Grade B Mock Tests Here<\/a><\/strong><\/span><\/p>\n<h3 style=\"text-align: justify;\"><span style=\"color: #000000;\"><strong>Calculation of Base Rate<\/strong>\u00a0<\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">Each bank is free to determine its own base rate, based on the norms provided by the RBI. The Base Rate is determined by considering the following factors:<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"text-align: justify;\"><span style=\"color: #000000;\"><strong>Average Cost of Funds &#8211;\u00a0<\/strong>This is the interest rate given on the deposits.<\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"color: #000000;\"><strong>Operating costs\/Unallocatable Overhead Costs &#8211;\u00a0<\/strong>These are the expenses that go into running the day to day operations and includes several components like legal expenses, depreciation, administrative costs, cost of stationery etc.<\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"color: #000000;\"><strong>Negative Carry in the Cash Reserve Ratio &#8211;\u00a0<\/strong>This is the cost that the banks need to incur in order to keep a specific amount of cash reserves with the RBI.<\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"color: #000000;\"><strong>Margin of Profit\/Average Return on Net Worth &#8211;\u00a0<\/strong>This figure indicates the profitability and net amount obtained.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">As a result, the Base Rates may vary from bank to bank, due to the differences in one of the factors given above. Mostly, it is the difference in the interest rates provided on deposits by different Banks.<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"color: #0000ff;\"><strong><a style=\"color: #0000ff;\" href=\"https:\/\/www.oliveboard.in\/rbi-grade-b\/?ref=hny\" target=\"_blank\" rel=\"noopener\">Register for the RBI Grade B Mock Tests Here<\/a><\/strong><\/span><\/p>\n<h3 style=\"text-align: justify;\"><span style=\"color: #000000;\"><strong>MCLR (Marginal Cost of Fund Based Lending Rate)<\/strong><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\"><strong>1.<\/strong> The MCLR or Marginal Cost of Fund based Lending Rate refers to the minimum interest rate which a bank must charge for lending to its customers. Banks cannot grant any loan below this rate, except in certain cases permitted by the Reserve Bank of India (RBI).\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\"><strong>2.<\/strong> MCLR replaced the Base Rate on <strong>1 April 2016<\/strong>. It is an <strong>internal reference rate for banks<\/strong> to decide what interest they can levy\/charge on loans. For this, they also take into account the additional or incremental cost of arranging additional rupee for a prospective buyer.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\"><strong>3.<\/strong> Under the MCLR regime, <strong>banks must adjust their interest rates as soon as the repo rate changes<\/strong>.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\"><strong>4.<\/strong> After MCLR implementation, the interest\u00a0rates are determined as per the <strong>relative riskiness of individual customers<\/strong>. It is a risk-based approach to determine the final lending rate for borrowers. It\u00a0considers unique factors like the\u00a0<strong>marginal cost of funds instead of the overall cost of funds<\/strong>. Such marginal costs take into account the\u00a0<strong>Repo Rate<\/strong>, which did not form part of the base rate.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\"><strong>5.<\/strong> In the case of MCLR, the banks should now include a <strong>tenor premium<\/strong>. This means they can charge a higher rate of interest for loans with long-term horizons.<\/span><\/p>\n<h4><span style=\"color: #000000;\"><strong>Factors considered while calculating MCLR.<\/strong><\/span><\/h4>\n<ul>\n<li style=\"text-align: justify;\"><span style=\"color: #000000;\">Marginal\/incremental cost of funds<\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"color: #000000;\">Calculated by taking into account the tenor premium<\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"color: #000000;\">The MCLR is also determined by considering Deposit Rates and Repo Rate, <\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"color: #000000;\">Also Operating Costs and Cost of maintaining Cash Reserve Ratio<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">So, this was all from us in this blog of &#8220;Difference between MCLR and Base Rates&#8221;. We hope that you understood both the terms and the difference between them.\u00a0<\/span><\/p>\n<p><strong><span style=\"color: #000000;\">Read More:<\/span><\/strong><\/p>\n<p><span style=\"color: #000000;\"><strong>Read More:<\/strong><\/span><\/p>\n<ol>\n<li><a href=\"https:\/\/www.oliveboard.in\/blog\/monetary-policy-of-india\/\" target=\"_blank\" rel=\"noopener\"><strong><span style=\"color: #0000ff;\">Monetary Policy of India \u2013 A Brief Overview<\/span><\/strong><\/a><\/li>\n<li><span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https:\/\/www.oliveboard.in\/blog\/fiscal-policy-india\/\" target=\"_blank\" rel=\"noopener\"><strong>Fiscal Policy of India \u2013 A Brief Overview<\/strong><\/a><\/span><\/li>\n<li><span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https:\/\/www.oliveboard.in\/blog\/fiscal-consolidation-frbm-act\/\" target=\"_blank\" rel=\"noopener\"><strong>Know about Fiscal Consolidation &amp; FRBM Act &amp; Latest Updates<\/strong><\/a><\/span><\/li>\n<li><span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https:\/\/www.oliveboard.in\/blog\/gst-council\/\" target=\"_blank\" rel=\"noopener\"><strong>36th GST Council Meeting Imp. 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All Courses \u2013 Features<\/strong><\/span><\/h4>\n<p><span style=\"color: #000000;\"><strong>1. Unlimited Access: Any Course, Any Time<\/strong><\/span><\/p>\n<p><span style=\"color: #000000;\"><strong>2. Unlimited Choice: Exam, Section, Topic-Wise Courses<\/strong><\/span><\/p>\n<p><span style=\"color: #000000;\"><strong>3. Unlimited Variety: New Courses Every Week<\/strong><\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"color: #0000ff;\"><strong>Oliveboard\u2019s Subscription Platform for Unlimited Access to Online Classes &amp; Mock Tests<\/strong><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Often while reading Economic\/Financial news or listening to Business news, you must have come across the terms Base Rate and<\/p>\n","protected":false},"author":50,"featured_media":43065,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,31,62,5221,2586,320],"tags":[],"class_list":["post-43062","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles","category-bank-exams","category-government-exams","category-homepage-featured","category-notes","category-rbi-grade-b","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-50"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.6 (Yoast SEO v26.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Know the Difference between MCLR and Base Rates - RBI Grade B Notes<\/title>\n<meta name=\"description\" content=\"Know the Difference between MCLR and Base Rates for your Basic Banking &amp; General Awareness. 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