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The interest rate set on your loans is mostly depended on the monetary policies of the of central bank. Keeping a check on the demand and supply, the rates are adjusted to ensure stable prices and liquidity. Factors that could affect your interest rate are
- Prime Lending Rate (PLR)
- Repo Rate
- Cash Reserve Ration (CRR)
- Repo Rate
- Reverse Repo Rate
- Benchmark Prime Lending Rate (BPLR)