EBLR (External Benchmark Lending Rate)

What it means

EBLR equals the external benchmark plus the bank's spread. Most banks use the repo rate as the benchmark, so EBLR loans are often called repo-linked loans. The spread includes a credit risk premium based on your profile.

Borrowers on older MCLR or base rate loans can switch to EBLR with their bank for a small conversion fee, which is often cheaper than a balance transfer.