The Base Rate effective December 30, 2022 is 9.50% p.a

The interest rate applicable for the loans/facilities linked to the Base Rate is liable to change based on the changes to the Base Rate.

Some of the important parameters that go into the determination of the Base Rate are cost of funds, operating expenses and a minimum margin to cover regulatory requirement of provisioning, capital charge.

The margin between your variable rate of interest and base rate will be determined by factors such as credit grading of the customer, quality of the collateral, risk profile of the industry/sector, tenure premium, account behaviour / conduct, product level allocable costs, basis risk etc. and changes in these factors may result in upward or downward revision of the margin. The variability of margin is also covered in the facility / sanction letter.

Mortgage Variable Reference Rate

The interest rate on your floating rate Mortgage loan is linked to the Mortgage Variable Reference Rate (MVRR) and any revision in this rate would impact your interest rate. The MVRR, effective December 30, 2022:

• Home Loan MVRR is 19.50%
• Loan Against Property MVRR is 20.75%