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SBI Rate Hike: Check Latest Loan Interest Rates

India.com Business Desk July 15, 2023 3:55 PM IST

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. The spread is a margin that the bank earns on the loan.

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