benchmark lending

Benchmark Prime Lending Rate.The Benchmark Prime Lending Rate of Standard Chartered Bank, India is 13% p.a. with effect from April 20th 2007. Banks lending rates could be in the range of 4% to 18% for various tenors, risk profiles and products. This translates into a spread of 9% below and 5% above the benchmark prime-lending 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 has been increased from 15% to 16% effective June 01, 2007. Margins of a maximum of 500 bps below and 350 bps above this rate will be maintained.