This month, all banks moved to a new lending rate regime—the marginal cost of funds-based lending rate (MCLR). Till March-end, new floating rate loans were linked to base rate. The new rate regime is likely to improve transmission of rates to the end consumers. If you check the current interest rates, MCLR-linked home loans are at least 10 basis points (bps) cheaper than base rate-linked home loans. One basis point is one-hundredth of a percentage point.
India's wealthy opt for term insurance policies worth Rs 5-20 crore: Report
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