Which of the following statements about MCLR (Marginal Cost of Funds based Lending Rate) are correct?
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MCLR was introduced on 1st April 2016 to replace the Base Rate system and help borrowers get cheaper loans.
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The components of MCLR include marginal cost of funds, negative carry on CRR, operating costs, and tenor premium.
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MCLR led to higher lending rates compared to the Base Rate system.
1
1 only
2
1 and 2 only
3
1 and 3 only
4
2 and 3 only
5
3 only