SBI MCLR definition

SBI MCLR the State Bank of India Marginal Cost of Funds-based Lending Rate as published from time to time (or in the event that such rate is not published, as quoted by such bank as the parties may agree), for the day or days in question;

SBI MCLR means the prevailing marginal cost of fund based lending rate for a tenor of 1 year, notified by the State Bank of India.

SBI MCLR means the marginal cost of funds base lending rate fixed by the State Bank of India.

Examples of SBI MCLR in a sentence

• In case of any delay in depositing this extension charge, the Successful Bidder has to pay an interest on this extension charge for the days lapsed beyond due date of Financial Closure @ SBI MCLR (1Year).

• The Allottee/s, in case of delay or default, shall be liable to pay to the Promoter monthly interest on amount due at 2% (two percent) above the then existing SBI MCLR (State Bank of India – Marginal Cost of Lending Rate) per annum or (ii) such other rate of interest as may be prescribed under the Act/ Rules /Applicable Laws (“Interest”) from the date they fall due till the date of receipt/realization of payment by the Promoter.

• All outstanding amounts payable by any Party under this Agreement to other Party shall carry applicable interest at the rate of (i) 2% (two percent) above the then existing SBI MCLR (State Bank of India – Marginal Cost of Lending Rate) per annum or (ii) such other rate of interest higher/ lower than 2% as may be prescribed under the Act/ Rules (“Interest”) from the date they fall due till the date of receipt/realization of payment by the other Party.

• The loading shall be adopted for shortfall in the bank guarantee agreed by the bidder, for example, NIT calls for bank guarantee for 10%, then loading shall be done as under @ lending rate (SBI MCLR) + 1% , on short fall in Bank Guarantee value agreed by the bidder for delivery period with additional one month period.

• Further, balance amount to be paid shall attract Interest rate @ one year SBI MCLR rate /annum on pro-rata basis.

• To the extent any disputed amount had been withheld by one party and such party is ultimately found liable to pay all or any portion of such amount pursuant to clause 9 of this agreement, then such party shall be liable to pay interest on such withheld amount at the annual rate equal to SBI MCLR reference rate plus 2%, from the original date due for such payment till the actual date of payment.

• Interest on account of delay in deposition of the above mentioned charges or on any subsequent extension sought, shall be levied @ one year SBI MCLR rate /annum on pro-rata basis.

• In exceptional cases,advance/progressive payments can be agreed subject to payment of interest @ SBI MCLR + 1% and submission of acceptable unconditional Bank Guarantee (BG) of equivalent amount (including interest amount) as per ‘NFL’ format.

• The loading shall be adopted for shortfall in the bank guarantee agreed by the bidder, for example, NIT calls for bank guarantee for 10% then loading shall be done as under @ lending rate (SBI MCLR) + 1% , on short fall in Bank Guarantee value agreed by the bidder for delivery period with additional one month period.

• In exceptional cases, advance/progressive payments can be agreed subject to payment of interest @ SBI MCLR + 1% and submission of acceptable unconditional Bank Guarantee (BG) of equivalent amount (including interest amount) as per ‘NFL’ format.

More Definitions of SBI MCLR

SBI MCLR means the medium term prime lending rate of the State Bank of India.

SBI MCLR means the Marginal Cost of Funds based Lending Rate issued by the State Bank of India on a monthly basis. In case of any change in the applicable lending rate, the revised or new lending rate shall apply.