Purchasing your dream bike is no small feat. It takes a lot of research and planning. The most important factor that influences your buying decision is your finances. Ensuring you have sufficient funds to afford the bike of your choice is vital. An easy way to finance such big-ticket purchases is to get a loan.
The MCLR is used as the benchmark rate for many types of loans, such as home loans, car loans, and personal loans. When a bank sets the interest rate on a loan, it will typically add a spread to the MCLR.
There s an interest rate attached to the principal amount of every loan. Home loans are no different. The different interest rates charged by banks and non-banking financial corporations (NBFC) determine the cost of your home loan. The interest rate determines your home loan EMI, which is the money you have to pay to y0ur lender against your loan every month. Interest rates are usually linked to repo rates and can vary from lender to lender.