According to the Reserve Bank of India (RBI), banks are free to fix the Benchmark Prime Lending Rate (BPLR) with the approval of their respective Boards. Banks are free to decide the BPLR but their interest rates have to have a reference to the BPLR fixed. The BPLR is the interest rate that commercial banks charge their most credit-worthy customers.
Benchmark Prime Lending Rate
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BPLR refers to Benchmark Prime Lending Rate. This is the rate at which most banks grant loans to their most creditworthy trustworthy customers.
BPLR or Benchmark Prime Lending Rate is the rate at which banks and financial institutions lend money to their most trustworthy customers. This is the rate at which they lend loans to people who they know that have little or no chance of default. Usually the governments of each country is termed as a no default borrower by the banks that operate there.
Retail prime lending rate which usually the bank's lending rate for the loan
Prime lending rate can be calculated by adding 300 basis points to the Federal Funds Rate, assuming you live in the U.S.
prime lending rate
14.75%
You can find information on the prime lending rate at the following website...www.finaid.org/loans/prime_libor.phtml or data.worldbank.org/indicator/FR.INR.LEND
The interest rate really depends on what the prime lending rate is. As the interest rate is the prime lending rate plus an additional percentage point or two.
Prime lending rate
Prime Rate or Prime Lending Rate is a term applied in countries to reference an interest rate used by banks. In the past, the term indicated the rate of interest at which banks lent to favored agents (those with good credit), however, this is not always the case. Many interest rates are expressed as a percentage above or below Prime Lending Rate.