However, I am not sure if I should switch to Marginal Cost of Funds based Lending Rate (MCLR) now. Would I save a significant amount of money after paying all the charges for moving from base rate to MCLR? —Alok DubeyIt is good to know the benefit of MCLR over base rate before you plan to do a switch over. MCLR adjusts your interest rate more proactively compared to base rate, thereby protecting the consumers’ interests. And this is when you have not adjusted the cost of conversion from the base rate to MCLR.

Source: Mint June 13, 2017 11:26 UTC