MCLR means the marginal cost of funds based lending rate of the Bank as may be determined and published by the Bank from time to time. The prevailing MCLR is as mentioned on the Website.
MCLR means Marginal Cost of Funds based lending rate, which is a tenure linked benchmark, arrived based on the corresponding tenure of a particular advance/ facility. The actual lending rate shall be determined by adding the components of Spread to MCLR (of appropriate tenure). MCLR of different tenures shall be reviewed and published by the Bank on the 1st day of every month. The interest rate in a particular loan account will be changed only on the Reset date/ period, irrespective of tenure of MCLR or interim changes in the rates of MCLR. The revised rates (prevailing on the date of reset) shall be made applicable to the loans/ facilities extended, from the 1st day of the corresponding month of the reset period expiry (for the initial reset), irrespective of the actual date of availing and subsequent reset shall be on the 1st day of the corresponding month of reset period fixed. MCLR prevailing on the date of first disbursement shall be applicable and rate of interest will remain unchanged until the date of next reset, irrespective of interim changes in MCLR.
Examples of MCLR in a sentence
Upon failure of the Concessionaire to pay the said Damages, the same shall be paid along with interest at the prevailing 1(one)year SBI MCLR plus 2.25% (two point two five percent) and shall be deducted from the 1st (first) Annuity Payment.
More Definitions of MCLR
MCLR means Marginal Cost of Funds based lending rate, which is a tenure linked benchmark, arrived based on the corresponding tenure of a particular advance/ facility. The actual lending rate shall be determined by adding the components of Spread to MCLR (of appropriate tenure). MCLR of different tenures shall be reviewed and published by the Bank on the 1st day of every month. The interest rate in a particular loan account will be changed only on the Reset date/ period, irrespective of tenure of MCLR or interim changes in the rates of MCLR. The revised rates (prevailing on the date of reset) shall be made applicable to the loans/ facilities extended, from the 1st day of the corresponding month of the reset period expiry (for the initial reset), irrespective of the actual date of availing and subsequent reset shall be on the 1st day of the corresponding month of reset period fixed. MCLR prevailing on the date of first disbursement shall be applicable and rate of interest will remain unchanged until the date of next reset, irrespective of interim changes in MCLR. b) Notwithstanding the above, the Borrower agrees that the Rate of Interest may increase on account of the change of policy/directives of Reserve Bank of India/ variation in MCLR and /or Spread and in that case the Borrower agrees to pay such revised rate of interest. The Borrower also agrees that if such revised rate of interest is not acceptable, the Borrower shall make repayment of entire balance outstanding in the loan account within a period of 30 days from the date of reset of rate of interest without pre-payment charges. If the Borrower neither accepts the revised rate of interest nor close the loan within 30 days from the date of reset of rate of interest, the Borrower shall be liable to pay interest at the revised rate of interest from the date of interest rate reset and in the event of pre-payment of loan after 30 days from the date of reset, the Borrower agrees to pay additional interest of 2% on the prepaid amount, calculated from the end of 30 days period till the date of pre-closure.
MCLR means the “marginal cost of funds based lending rate” of the Lender for [●maturity [●](months /year MCLR)], determined (and revised) in accordance with the guidelines issued by RBI in this regard ) (as amended or revised from time to time) and corresponding internal policies of the Lender, as reset from time to time and as revised in accordance with this Facility Agreement.
MCLR means the marginal cost of fund-based lending rate of USFB as may be determined and published by USFB from time to time. The prevailing MCLR is as mentioned on the Website. Version March 23
MCLR. Marginal Cost of Funds based Lending Rate” shall mean the lending rate of the Bank for different maturities, prevailing from time to time, which is subject to variation without prior notice to the Borrower or any other person.
MCLR means the marginal cost of funds based lending rate of USFB as may be determined and published by USFB from time to time. The existing MCLR is as mentioned in the Schedule hereto. "Parties" means the Bank and the Borrower referred to collectively.
MCLR means the marginal cost of funds based lending rate of USFB as may be determined and published by USFB, which is subject to review by USFB periodically. The prevailing MCLR is as mentioned in the Schedule of the Facility Agreement.