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    Marginal Cost of Funds based Lending Rate (MCLR)

    Change is good, right? Apparently, India's apex bank, the Reserve Bank of India (RBI) adheres to this policy as it introduces a new system for commercial banks to zero-in on lending rates for the fiscal year. The aptly named Marginal Cost of Funds based Lending Rate (MCLR) will be applicable from April-2016 and will completely modify the existing lending rate system as followed by banks across India.

    The new system takes into account the risk associated with different class of customers, and will be subject to changes on a monthly basis based on such factors as repo rates and other borrowing rates. The latter includes borrowing and repo rate factors that were not primarily utilised in the earlier Base Lending Rate system. At the basic level, the RBI expects banks to fix five benchmark rates that correspond to differing loan tenures- the time periods stretching from one day to one year.

    At its core, MCLR isn't a difficult concept to master. The new system is dependent on the idea of 'marginal cost' or the constantly updated formula that banks utilise to create their base lending rate, and the associated interest rate whilst borrowing money from deposits and/or the RBI. MCLR counts these two factors:

    1. Interest rate offered by banks on deposits, and
    2. Repo rate that banks furnish to obtain funds from the RBI, as primary factors for its calculation.

    Why the MCLR System?

    Usually, high impact changes are made as a means to regulate a vast, slow reacting target system. The latter, in this scenario, are the collective networks of the various public and private sector banks in India. Last year, the RBI affected game changing rate cuts with regards to its base lending rates. However, the banks were slow to adopt these rate cuts and the RBI had to repeatedly rebuke the banks for their uncharacteristic delay. Repo rates keep changing, but the banks are hesitant to correspondingly update their i-base lending rate and interest rates on deposits. A significant reason for the same is that banks choose to utilise RBI's Liquidity Adjustment Facility (LAF) in order to source short term funds from the apex bank. This saves them the trouble of having to periodically update their lending and deposit rates. The RBI hopes that with MCLR, a faster feedback oriented system will be put into effect that will negate the shortcomings of the current base rate system.

    How will the Banks be impacted when MCLR is implemented?

    If there ever was a wily fox, RBI will be it. After effecting the popular repo rate cuts, a move that made well liked loan options like home loans, simpler to obtain, the apex bank had to face the inconvenient problem of banks taking their own sweet time to implement the corresponding changes in terms of their own base lending rate and interest rates on deposits. Enter MCLR. With this new system, banks are now forced to consider the current base lending rate when calculating their individual MCLR. Unlike the earlier base rate system, wherein banks weren't obligated to implement RBI's rate cuts immediately or in an equivalent quantum, MCLR 'forces' the banks to realign their interest rates on a monthly basis. And, while they are at it, the banks can subscribe to the latest repo rates and implement the same, ergo keep up with RBI's updates.

    In a progressive economy, cuts in the base lending rate at the apex bank level must reach the common populace in the shortest time frame. Rate cuts encourage people to subscribe to loans and invest in the popular investment options. Ironically, this is only possible when banks implement said rate cuts in a quick, uniform and responsible way. MCLR is conceived to encourage the banks when it comes to adopting the latest repo rates as promoted by the apex bank of India.

    Differences between the Base Rate System and MCLR:

    The fundamental difference between both these systems are the factors that contribute to them individually. Summing up, the following factors are utilised to calculate the Base Rate and MCLR respectively,

    Base Lending RateMarginal Cost of Funds based Lending Rate (MCLR)
    Interest rate offered on deposits.Marginal cost of funds.
    Bank’s operating costs.Bank’s operating costs.
    Profit, in terms of minimum rate of return.Tenor premium.
    Costs incurred in maintaining the Cash Reserve Ratio (CRR). This is a stipulated minimum fraction of the overall deposits maintained by the customers in any public/private sector Indian bank. Said bank deposits the CRR with the RBI in the form of cash or deposits.Negative Carry due to CRR- The RBI doesn’t offer any interest on the monies held by it as CRR from the banks. The bank can negate the effects of such non-performing assets and cover the costs by charging the same from loans that are offered to prospective customers. Hence, contributing to the MCLR.
    MCLR vs Base Rate

    Herein, the following pointers need expounding,

    Marginal Cost of Funds: The main lynchpin in the MCLR methodology, marginal cost of funds include two components:

    1. Marginal cost of borrowing from deposits or the RBI, and,
    2. The return of the net worth after a particular deposit has matured.

    As per the rules laid out by the RBI, banks must consider the following factors when deciding upon the marginal cost of funds,

    • Applicable interest rates offered for different types of deposits including term, current, savings bank and deposits in foreign currency.
    • Applicable short term interest rate, repo rate, borrowing rate for longer tenures, etc.
    • In line with set norms, return on net worth.

    Herein, note that when calculating the marginal cost of funds, the marginal cost associated with borrowings has a contribution of 92% whilst return on net worth commands a share of 8%.

    Bank's Operating Costs: Everyday operational costs that is incurred by the bank in question.

    Tenor Premium: Represents the idea that long term loans can command a higher rate of interest.

    Summation: It must be noted that the bank's operating costs and commitments with RBI in terms of the CRR are commonalities between the Base Lending Rate method and MCLR. However, in case of the latter, marginal cost plays a key role whilst with the former, the cost is ascertained by simply averaging the interest accumulated on the deposits. Also, MCLR is designed to be updated on a monthly basis as compared to the Base Rate method that is usually static, until jolted into action.

    How to Calculate MCLR?

    As explained above, going forward, Marginal Cost of Funds based Lending Rate (MCLR) will be the norm when it comes to the calculation of lending rates at the bank's level. Popular loan options such as housing loans will definitely be impacted as banks are instructed to update their base lending rates and interest on deposits more frequently, whilst taking into account RBI's current repo rate. The actual calculation itself depends on four primary factors-

    • Marginal cost of funds
    • Operational cost of the banks
    • Costs incurred in maintaining the Cash Reserve Ratio (CRR) with the RBI
    • Tenor Premium wherein more interest is likely charged from long term loans

    As is obvious, the concept of 'marginal' is an essential determinant when calculating MCLR. In a purely economic sense, marginal costs relate to the extra costs incurred in the production of additional units that adds to the producer's production capabilities without inviting the same costs as were incurred per unit through the initial production. This can be easily mapped to the banking scenario as well, wherein lending rates can only be calculated after the marginal costs have been taken into consideration. This amounts to the costs that banks have to incur in order to generate funds. Not surprisingly, these costs are nothing but the interest rate that banks pay depositors for creating deposit portfolios with their organization. Further, these marginal costs are broken down into clearly defined sub-components. Herein, the repo rate that banks pay the RBI to ascertain short term funds is a crucial sub-component. Any change in the repo rate will bring a corresponding change in terms of the marginal cost and consequently the MCLR will also change. This is expected to be a clearly laid out path for RBI to ensure that the benefits arising from its periodic repo rate cuts are quickly and conveniently passed down to the target customer base.

    How MCLR Works?

    Marginal Cost of Funds-based Lending Rate (MCLR) ensures that the rates are revised based on the repo rates prevalent, the marginal cost of funds incurred by the bank and the tenor premium. This means that your bank's lending rates could change more frequently than earlier. MCLR rates are reviewed every month but are fixed for a period of at least 1 year with respect to long-term loans.

    MCLR Example:

    Let us take the example of the State Bank of India (SBI). SBI has pegged its MCLR rates at 9.2% for 1 year for the current fiscal. The spread is of 25 basis points more than the MCLR. The bank has also declared the following MCLR rates for different periods:

    1. Overnight - 8.95%
    2. 1 month - 9.05%
    3. 3 months - 9.10%
    4. 6 months - 9.15%
    5. 2 years - 9.30%
    6. 3 years - 9.35%

    So if you are taking a home loan from the SBI now (after April 1, 2016), your interest rate will be 9.45% (9.2% MCLR + 0.25% spread). For a period of 1 year, this interest rate will be valid on your home loan and you have to pay Equated Monthly Instalments (EMIs) based on this. For example, if your loan amount is Rs. 45 lakh, then at the rate of 9.45% and for a tenure of 30 years, you'll be paying an EMI of around Rs. 37,675.

    The following year, the rate will be revised and the new rates will automatically be applicable for another 1-year period. So if MCLR is reduced to 9% next fiscal for the same spread ratio, the interest rate will be reduced to 9.25%. Accordingly, your EMI will go down by around Rs. 500 per month.

    However, an increase in MCLR means that you will end up paying more to the bank than what you paid at the beginning of the loan term.

    RBI's Take on MCLR:

    The Reserve Bank of India's move to implement Marginal Cost of Funds based Lending Rate (MCLR) in the context of Indian banking is a timely and dynamic step. Aimed at inspiring more accountability from the banks with regards to the speedy adoption of updated repo rates, the finger print concerning MCLR reads as follows:

    1. Post April 1, 2016 all loans sanctioned, and existing credit limits renewed, will adhere to MCLR.Explicitly, MCLR will be regarded as a tenor linked internal benchmark.
    2. Banks will continue to publish and review Base Rates as usual.
    3. MCLR will be appended with additional components of the spread to determine the actual lending rate. Herein, spread allows banks to charge a higher interest rate from borrowers who are deemed 'risky'.
    4. Banks are expected to publish the updated MCLR values for different products on a monthly basis, on a pre-selected date.
    5. All banks are free to specify dates for interest reset on loan products that subscribe to a floating rate. Banks can choose to offer loans with reset dates that are either associated with the actual sanction date, or the date that corresponds to the review of MCLR. Such resets must happen within a time frame of one year or less.
    6. All loans/credit limits that are currently subscribing to the Base Rate methodology will continue as usual, until their renewal/repayment. Borrowers can also move from Base Rate to MCLR, provided the same is chalked out through mutually agreed upon terms.
    7. MCLR that was in vogue at the time of the sanction of loan will continue unhindered till the next reset date. Meanwhile, any change in the associated benchmark will not have any impact on the aforementioned arrangement.
    Read the full script here

    MCLR FAQ:

    1. What are the operational features of MCLR?
      1. Banks must revise MCLR on a monthly basis, while including the latest RBI repo rates as part of the calculations.
      2. Marginal costs that the bank incurs when getting funds (i.e, interest paid on deposits, costs incurred in maintaining the Cash Reserve Ratio (CRR), etc.) are factored in when calculating the lending rates.
      3. Marginal costs must also be considerate to repo rates, a factor that wasn't a priority in the case of the erstwhile Base Lending Rate model.
      4. MCLR also includes a number of contributing factors, including a range of interest rates that the bank has to satisfy in its bid to accumulate the necessary funds.
      5. MCLR must also take into account higher interest rates that apply to long term loans. This is also known as Tenor Premium.
    2. What is 'spread' in banking terms? How does it impact MCLR?

      In simple banking terms, net interest rate spread refers to the difference between the interest that the bank earns on such products as loans and securities, versus the interest payable by it on deposits.

      With regards to MCLR, the RBI bulletin stipulates that banks must append the varied components of the spread onto the MCLR when determining the applicable lending rate. This will also allow banks to charge a higher interest rate on loan portfolios wherein the borrower is deemed as -risky.

    3. What happens to existing loans that come under the purview of Base Lending Rate?

      The RBI is very clear with regards to the status-quo of Base Lending Rate. It maintains that existing loans/credit limits that subscribe to Base Rate will continue to do so, until repayment or renewal, whichever comes first. Further, existing borrowers, in compliance with their lenders, can opt to move their loan from the Base Lending Rate model to MCLR.

    4. What about my existing home loan? Is MCLR good for my loan situation?

      Don't worry. The RBI was considerate to the request from various Indian banks about not linking existing loan portfolios to the new MCLR modus operandi. These loans will continue to operate per the Base Lending Rate option until they are closed or refinanced. Alternatively, you can request the shifting of your loan to the MCLR model, provided your lender is onboard with this idea.

      MCLR is good for you. In 2015, when RBI slashed a record 125 points off its repo rate, the banks delayed passing the ensuing benefits onto the target customers. MCLR will force your bank to constantly update its lending rate (on a monthly basis infact) while adopting the latest RBI repo rate to formulate this number. Consequently, your home loan EMIs will reflect these changes instantly. Note that industry experts do believe that eventually the old system and MCLR will merge into a single entity.

    News About MCLR

    • Four Public Banks reduce Lending Rates

      Four PSU banks have reduced their loaning rates. The list of banks include the likes of Vijaya Bank and Indian Bank. They have cut their lending rates to as much as 45 basis points or 0.45%. This would consequent in low-cost loans.

      Punjab & Sind Bank have reduced their marginal cost of funds based lending rate (MCLR) by 45 basis points to 8.15%, while Indian Bank dropped the MCLR across all segments by 15 basis points. Vijaya bank cut their interest rates as well across multiple segments by 15 basis points to 8.50%. IDBI bank also made the list by decreasing their MCLR by 5-10 basis points for many segments.

      The drop in lending rates is predicted to be a huge influence in loan growth, which will in turn positively impact the economy.

      Banks have now shifted to MCLR as their standard lending rate from June of last year. Prior to this, they preferred the base rate system. Announced by the RBI to protect the borrowers and banks with sensible interest rates, MCLR is calculated on the marginal cost of borrowing and the return that a bank makes on net worth.

      27th September 2017

    • Banks are Waiving Off the Costs Associated with Switch Over to MCLR from Base Rate

      Customers can avail a waiver on the charges for auto loan, housing loan and personal loan transfer to MCLR or marginal cost based lending rate. The non-performing assets are rising in large corporate segments and this is making the banks more aggressive on bringing up the portfolio of retail lending, especially personal loans and home loans.

      Lenders like HDFC and SBI (State Bank of India) have requested their customers to transfer to MCLR in order to avail lower equated monthly instalments. Processing fees and legal charges will be applicable when switching to MCLR from base rate is done.

      28th August 2017

    • Internal group constituted by the Reserve Bank of India for improvement of MCLR

      An internal group has been constituted by the Reserve Bank of India or RBI for study and improvement of the marginal cost to funds based lending rate. This has been stated by the central bank after the 3rd bi-monthly policy review. According to the Reserve Bank of India, the MCLR or marginal cost to funds based lending rate system was introduced in the year 2016 for the improvement of monetary transmission. However, it has not been completely satisfactory.

      This internal group will be responsible for the exploring linking lending rates offered by banks to the benchmarks determined by the market. The report of this study will be submitted by the internal group by 24 September 2017. No explanation was provided by the Reserve Bank of India about the present issue with the marginal cost to funds based lending rate regime.

      7th August 2017

    • Impact of changes on base rate borrowers

      Rate of home loans for new borrowers have reduced quite sharply over the past one year as a result of a number of factors. According to experts, rates may not reduce significantly from present levels and are saying that there is no reason to wait for more reductions. As most of the home loan rates are connected to the one year MCLR or Marginal Cost of Funds dependent Lending Rate, the factors that reduced MCLR need to be understood.

      The first reason was aggressive cuts in rate by the RBI although it has now changed its position to neutral from accommodative. Another reason was the liquidity glut as a result of demonetization. Therefore, it makes more sense for home loan borrowers who are on a base rate regime to move.

      13th April 2017

    • Axis Bank cuts its MCLR by a massive margin

      Axis Bank, one of the largest private banking company in India, recently cuts its Marginal Cost of Lending Rates (MCLR) by a whopping 70 basis points, or in other terms by 0.70 percent.

      The bank led by Shikha Sharma came to this decision as liquidity currently is at one of its highest levels in the country. The rates which went down from 8.90% to 8.25% will work as a benchmark for all the loans the company provides, including home loans.

      Decided by the bank’s asset liability committee, the newly adjusted rates are expected to come into effect from January 18th onwards.

      Shashikant Rati, Head of Treasury, Axis Bank, spoke to the media about this and said that with this move the bank has passed on all the accrued benefit from current and savings account to the general public.

      Due to this move, the bank’s overnight MCLR has gone down by 0.65% to 7.90%, and 0.7% for its 3 and 6 month rates to go down to 8.05% and 8.15% respective.

      After this move, other major players like HDFC Bank, Kotak Mahindra Bank, and ICICI Bank too followed suit and cut their MCLR figures.

      20th January 2017

    • Private sector lenders reduce MCLR for home loans

      Private sector lenders like SBI, ICICI Bank, HDFC Bank, and many others had started reducing MCLR for home loans even before RBI’s announcement to hold rates. Shaktikanta Das, Secretary Economic Affairs, said that post demonetisation, banks have been flooded with excess liquidity which may enable them to further lower rates. Chanda Kochhar, CEO of ICICI Bank said that withdrawal of the incremental CRR requirement, and use of the Market Stabilisation Scheme to manage liquidity is welcome. Deposit and lending rates may continue to reduce going forward.

      According to Naveen Kukreja, CEO of PaisaBazaar.com, interest rates on unsecured loans may remain the same. He also added that there may be minor reductions in home loans once CRR constraint is withdrawn. V S Parthasarathy, Group CFO of Mahindra & Mahindra said that with the banking costs going down, hopefully RBI will cut the rates (25-50 bps) at the next policy review meeting.

      22nd December 2016

    • RBI Vary of Implementation of MCLR by Banks

      Days after the RBI slashed its repo rates and banks followed suit by cutting down their MCLR or Marginal Cost of Lending Rates, the RBI has been vary about how banks are going around with its implementation. The RBI said in a statement that banks should thoroughly review their implementation strategy as they are faced with cyclical factors such as stressed balance sheets, softening of long term yields and even the rate of growth of credit they are witnessing has been sluggish. The MCLR was introduced on 1st April 2016 at the start of this fiscal year as an attempt to overcome the drawbacks of BPLR and base rate regimes. National and private banks alike such as SBI and ICICI have already implemented cuts on their MCLR rates.

      19th October 2016

       
    • Bank of India Revises MCLR rates; new rates to take effect from 7th October

      Bank of India, a prominent public sector lender has revised its MCLR or Marginal Cost of Lending rates on the heels of the announcement made by RBI wherein it declared a slash in its repo rates by 25 basis points. The new MCLR rates will take effect from 7th October 2016 and is set between 9% and 9.35% based on the tenors chosen. The lending rate is set at 9% for overnight tenors, for 3 months the rate is 9.2%, for 6 months the rate is 9.25% and for a duration of 1 year, the rate is set at 9.35%. The MCLR was introduced on April 1st 2016.

      10th October 2016

       
    • RBI to Review Marginal Cost of Lending Rates

      The RBI, in its monetary policy said that due to the extent of softening of long term yields, cyclical factors impeding the transmission to lending rates such as sluggish credit growth and stressed balance sheets of banks, it will review the implementation of marginal cost of lending rates (MCLR) by the banks.

      The report also stated that RBI will continue on a proactive basis to manage liquidity and make sure that it is on par with the stance of the monetary policy. It will also prevent the system from being subjected to shocks by taking the required measures to insulate it. The MCLR was introduced on 1st April 2016 and is a system designed to counter the negative aspects of Base Rates and BPLR systems.

      4th October 2016

       
    • Increased liquidity softens lending rates

      The fall in corporate bond market rates have persuaded banks to reduce MCLRs. This is an attempt to prevent corporate customers from moving from credit to the bond market.

      Axis Bank has revised its MCLR by 0.05% across all tenures. So the rate for a lending tenure of one year has come down to 9.25%, and the home loans rates will be 0.25% higher than the base rate.

      Effective from August 1st 2016, SBI and ICICI Bank continue to offer the lowest rate with their one year MCLR being 9.10%. SBI’s home loan rate is lowest in the market, and it is just 0.20% to 0.25% higher than the base rate. ICICI and HDFC offer home loans at rates that are 0.40% to 0.45% higher than the one year MCLR.

      The infusion of Rs.80,000 crore of liquidity into the market by the RBI has caused the fall in debt market rates.

      6th September 2016

       

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