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What is the meaning of the word PLR in the lending rate?

April 26, 2017lending PLR rate word

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What is the meaning of the word PLR in the lending rate?

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Banks are free to fix Prime Lending Rate (PLR) for credit limits over Rs.2 lac with the approval of their respective Boards, which should be the minimum rate charged by them for such credit limits. PLR is to be declared and has to be uniformly made applicable at all branches.