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RLLR হল একটি লোন সুদের হার সিস্টেম যেখানে ফ্লোটিং-হার লোন সরাসরি RBI-এর রেপো রেটের সাথে যুক্ত হয়. এটি MCLR এবং PLR-এর মতো পুরানো সিস্টেমের তুলনায় ঋণগ্রহীতাদের রেপো হার পরিবর্তন করতে ব্যাঙ্কগুলিকে আরও দ্রুত সাহায্য করে. ফলস্বরূপ, হোম লোনের EMI এবং সুদের হার বৃদ্ধি বা কমে যাওয়ার সময় লোন নেওয়ার খরচ আরও দ্রুত পরিবর্তন হতে পারে. While the system offers better transparency and quicker rate transmission, it can also lead to more frequent interest rate fluctuations. Borrowers should compare loan terms, reset periods, and long-term repayment impact before choosing an RLLR-based loan.
The Repo-Linked Lending Rate (RLLR) is a benchmark interest rate system where floating-rate loans are linked directly to the RBI’s repo rate.
If you have ever taken a home loan or any other floating-interest loan, you may have noticed that the interest rate sometimes changes during the repayment period. Have you ever wondered why this happens? In most cases, it is because floating-rate loans today are linked to an external benchmark known as the repo rate. Whenever the repo rate changes, the interest rate on your loan may increase or decrease.
This takes us to a concept called repo-linked lending rate (RLLR). The Reserve Bank of India (RBI) introduced it in 2019 to make loan interest rates more transparent and ensure faster transmission of policy rate changes to borrowers.
This blog explains what RLLR is in detail, while also covering its benefits, potential drawbacks, and how RLLR differs from older benchmark interest rate systems, such as MCLR and PLR. পড়তে থাকুন.
What is RLLR?
As mentioned, RLLR stands for repo-linked lending rate. Simply put, it is a benchmark interest rate system wherein banks and financial institutions are required to link floating-rate loans directly to the RBI’s repo rate. The repo rate is the interest rate at which commercial banks in India borrow money from the RBI.
When the RBI increases or reduces the repo rate, the applicable interest rates on floating-rate loans also change accordingly. For example, if the RBI reduces the repo rate, banks also lower their loan interest rates. This, in turn, helps in reducing the loan EMI or tenure for borrowers. Similarly, an increase in the repo rate may escalate the overall borrowing costs.
Before the RLLR system was introduced, banks primarily relied on internal benchmark systems to determine loan interest rates. Examples of such systems include the Prime Lending Rate (PLR), base rate, and Marginal Cost of Funds-Based Lending Rate (MCLR).
How does an RLLR-based home loan work?
Most banks and financial institutions these days use the RLLR system to determine home loan interest rates. They add a fixed spread or margin to the repo rate to calculate the final lending rate. This spread may depend on factors such as the borrower’s credit score, loan amount, repayment history, and lender policy.
When the RBI’s repo rate changes, the interest rate on an RLLR-based home loan also changes accordingly. For example, if the current home loan interest rate is 8.75% and the RBI reduces the repo rate by 0.25%, the new home loan interest rate would be 8.5%. The banks revise the loan interest rate after a fixed reset period, such as every three months.
সুদের হারে পরিবর্তন সরাসরি লোনগ্রহীতার EMI বা লোনের মেয়াদ-কে প্রভাবিত করতে পারে. যদি প্রযোজ্য সুদের হার কমে যায়, তাহলে EMI বা লোনের মেয়াদও কমে যায়, এবং বিপরীতটিও.
কেন MCLR থেকে RLLR-এ সুইচ করার কথা বিবেচনা করবেন?
RBI অক্টোবর 2019 তে RLLR সিস্টেম চালু করেছে. আগে, ব্যাঙ্কগুলি ফ্লোটিং-হার লোনের সুদের হার গণনা এবং সংশোধন করার জন্য MCLR সিস্টেমের উপর নির্ভর করে. এখন, লোনগ্রহীতাদের MCLR থেকে RLLR-এ সুইচ করার বিকল্প রয়েছে. এটি করলে নিম্নলিখিত সুবিধাগুলি অফার করে:
আরও ভাল স্বচ্ছতা: যেহেতু RBI প্রকাশ্যে রেপো হার ঘোষণা করে, তাই লোনগ্রহীতারা সহজেই বুঝতে পারেন যে কেন তাদের লোনের সুদের হার পরিবর্তন হয়েছে.
দ্রুত হার ট্রান্সমিশন: RLLR সিস্টেমের অধীনে, ব্যাঙ্কগুলি MCLR সিস্টেমের চেয়ে রেপো হার পরিবর্তন করার পরে আরও দ্রুত লোনের হার সংশোধন করে.
সম্ভাব্য কম হার: যখন রেপো হার কমে যায়, তখন লোনগ্রহীতারা দ্রুত কম হার থেকে উপকৃত হন. এর ফলে EMI কমে যাবে এবং আরও বেশি সেভিংস হবে.
RLLR vs MCLR: Key differences
Here’s how RLLR and MCLR systems differ based on certain key aspects:
Benchmark used: In the RLLR system, banks use an external benchmark to determine interest rates. In the MCLR system, banks used an internal benchmark.
Interest rate transmission: It is much faster in the RLLR system because the reset period is shorter. In the MCLR system, rate transmission took longer because the reset periods were long, typically 6 to 12 months.
Transparency: The RLLR system is broadly considered more transparent because the RBI announces repo rates publicly. MCLR calculations were decided internally by banks.
Impact on EMIs: EMIs in RLLR-linked loans may change quickly after the RBI’s policy revisions. In the MCLR-based system, changes used to happen gradually.
Calculation method: In the RLLR system, banks add a fixed spread to the repo rate to calculate the final lending rate. In the MCLR system, banks used to set different rates for loans with different tenures based on factors such as the marginal cost of funds, operating expenses, and tenor premium.
Why does RLLR matter for borrowers?
The RLLR system offers several advantages to borrowers. Firstly, the interest rates for floating-rate loans are now directly linked to the RBI’s repo rate. It means changes in the repo rate can quickly affect the loan interest rate, EMI, tenure, and the overall borrowing cost. Borrowers won’t have to wait for longer reset cycles to enjoy rate cuts.
Secondly, in the current economic environment, repo rates have fluctuated frequently due to inflation and changes in the RBI’s monetary policy. In such a scenario, the RLLR system provides greater transparency and enables borrowers to plan their finances more efficiently.
What are the potential downsides of RLLR?
While the RLLR system offers numerous advantages, it has some downsides as well:
● Frequent EMI changes:
Most banks reset their RLLR loan interest rates every three months. Frequent changes to the repo rate can lead to frequent EMI changes, which can make financial planning a bit difficult.
● Rate volatility:
When rates change too frequently, it may become difficult to predict your overall borrowing cost. It also becomes difficult to compare loan options from several lenders.
● Higher interest rate:
If the RBI decides to increase the repo rate instead of reducing it, you may end up paying a higher interest amount on your loan.
Should you switch your home loan to RLLR?
If you took your home loan before the introduction of the RLLR, i.e., October 2019, your lender may still be following the MCLR system. However, you can always request your lender to switch to the RLLR system. But the question is, is it beneficial to do so?
Remember that since RLLR-based loans respond more quickly to RBI repo rate changes, the impact on EMIs and borrowing costs may also become more frequent. Furthermore, you must compare your bank’s current RLLR with your existing home loan interest rate. Also, check the conversion charges, the remaining loan tenure, and the overall long-term savings. Apply for the switch only if the potential savings exceed the conversion cost and you are comfortable with frequent interest rate changes.
How is the RLLR calculated?
Banks calculate the RLLR rate using a simple mathematical formula:
RLLR rate = Repo rate + Spread
Here, the repo rate is the rate at which the RBI lends money to commercial banks. Whenever the RBI changes the repo rate, banks also revise the interest rates applicable to RLLR-linked loans.
The spread is an additional percentage that the bank adds to the repo rate to cover its operational costs and profit margin. Different banks may have different spread values for different types of loans.
For example, suppose the current repo rate is 4.5%, and a bank is adding a 4% spread for home loans. In that case, the final repo-linked lending rate would be 4.5% + 4%, i.e., 8.5% per annum.
What is the impact of RLLR on your loan EMI?
The applicable repo-linked lending rate directly impacts your floating-rate loan EMIs. Whenever the RBI increases or decreases the repo rate, the change is reflected in your loan interest rate after the applicable reset period. This, in turn, impacts your EMI amount.
For example, suppose you have taken a home loan of Rs. 40 lakhs for 20 years. The current interest rate on your loan is 8.5% per annum. Your monthly home loan EMI would be Rs. 34,713. The total interest you would be paying after 20 years amounts to Rs. 43,31,103.
Now, if the RBI cuts the repo rate by 50 basis points (0.5%), your applicable home loan interest rate will be 8% per annum. At this rate, your monthly EMI would reduce to Rs. 33,458, and your total interest outgo would reduce to Rs. 40,29,825, which is significantly lower than the initial amount. However, the revised EMI would generally apply only after the lender’s next reset date.
Difference between RLLR, MCLR, and PLR
The table below depicts a comparison between the RLLR, MCLR, and PLR systems:
ভিত্তি
RLLR
MCLR
PLR
সম্পূর্ণ ফর্ম
Repo-linked lending rate.
Marginal cost of funds-based lending rate.
Prime lending rate.
Benchmark type
External benchmark linked to the RBI’s repo rate.
Internal benchmark decided by banks.
Internal benchmark decided by banks.
গণনা
Based on the prevailing repo rate.
Based on the bank’s marginal cost of funds, operating expenses, and tenor premium.
Determined by the board of directors of the bank.
স্বচ্ছতা
আরো বেশি
মাঝারি
নিচের ডেক
Rate transmission
দ্রুত
Comparatively slower
Slower
Current usage
Widely used for new floating-rate loans.
Used for loans disbursed before October 2019.
Not in use.
প্রধান ব্যাঙ্কের বর্তমান RLLR হার কী?
RLLR-এর হার বিভিন্ন সময়ে পরিবর্তিত হয়. ভারতের প্রধান ব্যাঙ্কের বর্তমান RLLR হার (30 মে 2026 পর্যন্ত) এখানে দেওয়া হল:
bank
Current RLLR
কানাড়া ব্যাঙ্ক
8.00%
ব্যাঙ্ক অফ বরোদা
7.90%
স্টেট ব্যাঙ্ক অফ ইন্ডিয়া
7.50%
সেন্ট্রাল ব্যাঙ্ক অফ ইন্ডিয়া
8.25%
পাঞ্জাব ন্যাশানাল ব্যাঙ্ক
8.00%
ইন্ডিয়ান ওভারসিজ ব্যাঙ্ক
8.10%
ইউনিয়ন ব্যাঙ্ক অফ ইন্ডিয়া
8.00%
ICICI ব্যাঙ্ক
8.40%
এইচডিএফসি ব্যাঙ্ক
8.25%
Please note that this list is indicative. Always check the bank’s official website for the exact current RLLR.
সমাপ্তি
The introduction of the RLLR system has made floating-rate loans more transparent and closely connected to RBI policy changes. While it offers benefits such as faster transmission of rate changes and greater transparency, it can also lead to more frequent interest rate fluctuations.
Before choosing or switching to an RLLR-based loan, you must carefully compare interest rates, reset periods, and long-term financial impact to make a well-informed decision.
RLLR, or repo-linked lending rate, is a loan interest rate system linked directly to the RBI’s repo rate. When the RBI changes the repo rate, banks may also adjust the interest rates on floating-rate loans, such as home loans. This affects EMIs, loan tenure, and total repayment cost.
RLLR কত ঘন ঘন পরিবর্তিত হয়?
যখনই RBI রেপো হার পরিবর্তন করে তখন RLLR পরিবর্তন হয়, এবং ব্যাঙ্ক লোনের জন্য পরবর্তী রিসেট তারিখে পৌঁছে যায়. বেশিরভাগ ব্যাঙ্ক প্রতি তিন মাসে RLLR-লিঙ্কড লোন রিভিউ করে. এর কারণে, লোনের মেয়াদের মধ্যে লোনের সুদের হার কয়েকবার বৃদ্ধি বা হ্রাস হতে পারে.
RLLR কি MCLR-এর চেয়ে ভাল?
কিছু লোনগ্রহীতার জন্য RLLR আরও ভাল হতে পারে কারণ লোনের হার সাধারণত RBI রেপো হার পরিবর্তনের প্রতি দ্রুত প্রতিক্রিয়া দেয়. এটি ঋণগ্রহীতাদের সুদের হার কমলে দ্রুত সুবিধা পেতে সাহায্য করতে পারে. তবে, রেপো হার বাড়লে RLLR-লিঙ্কড লোনও আরও ব্যয়বহুল হতে পারে, তাই উভয় সিস্টেমেরই সুবিধা এবং সীমাবদ্ধতা রয়েছে.
RLLR কি EMI বাড়ায়?
Yes, RLLR can increase EMI if the RBI raises the repo rate. Since floating-rate loans linked to RLLR respond quickly to changes in the repo rate, the applicable loan interest rate may rise if the repo rate rises. In some cases, banks may increase the EMI amount, while in others, they may extend the loan tenure.
Can I switch my loan from MCLR to RLLR?
Yes, many banks allow you to switch your existing home loans from MCLR to RLLR. However, banks may charge a conversion fee for the switch. You should compare current interest rates, the impact on repayments, and long-term savings before deciding to move to the RLLR system.
What factors affect RLLR-based loan rates?
The biggest factor affecting RLLR-based loan rates is the RBI’s repo rate. Apart from this, banks may also consider the borrower’s credit score, repayment history, loan amount, and internal spread. Changes in inflation, market liquidity, and RBI monetary policy decisions can also influence overall loan rates.
Which banks offer RLLR-based home loans?
Most major public sector and private sector banks in India now offer RLLR-based floating home loans. Banks shifted to this system after the RBI guidelines introduced external benchmark-linked lending. Borrowers can check the latest RLLR and home loan rates directly on the official websites of individual banks.
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