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ā¢ Banks in India offer loans with various tenure options, with the majority being linked to a one-year term.
ā¢ The interest rates for these loans are determined by the bank's internal calculations and cannot be lower than the marginal cost-based lending rate (MCLR).
ā¢ The latest MCLR rates for big banks like ICICI Bank, HDFC Bank, SBI, Bank of India, Bank of Baroda, and Yes Bank have been revised and range from 8% to 10.40%.