TABLE OF CONTENT

    Key Highlights

    • RLLR links loans directly to the RBI repo rate, ensuring immediate, transparent interest rate changes whenever the central bank revises policy rates, with calculations simply being the repo rate plus a fixed bank spread.
    • MCLR is based on banks’ internal cost calculations, including marginal funding cost, CRR carry, operating expenses, and tenor premium, leading to delayed or partial transmission of RBI rate changes.
    • RLLR provides faster benefits during rate cuts and quicker hikes during tightening cycles, while MCLR rates change only at scheduled reset periods, offering short-term EMI stability but slower reductions.

    In India’s evolving lending ecosystem, borrowers have often struggled to understand why loan interest rates fail to fall quickly when the Reserve Bank of India (RBI) cuts its policy rates. To address this issue and ensure faster transmission of monetary policy, the RBI has introduced different lending benchmark systems over time. Among them, the two most widely discussed frameworks are the Marginal Cost of Funds-based Lending Rate (MCLR) and the Repo Linked Lending Rate (RLLR). While both aim to standardise bank lending rates, they differ significantly in structure, responsiveness, transparency, and borrower benefits.

    What is Repo Linked Lending Rate?

    RLLR, or Repo Linked Lending Rate, is the interest rate benchmark directly tied to the Reserve Bank of India’s (RBI) repo rate, and it is calculated by adding a spread or margin determined by the bank to the prevailing repo rate.

    This mechanism ensures that whenever the RBI changes the repo rate, the rate at which it lends short-term funds to commercial banks, the lending rates for loans such as home loans, personal loans, and other retail credit products automatically adjust, making RLLR a transparent and market-driven benchmark.

    The calculation of RLLR is straightforward: RLLR = RBI Repo Rate + Bank Spread. The RBI fixes the repo rate, while individual banks determine the spread based on factors such as the borrower’s risk profile, loan-to-value ratio, and operational costs. For example, suppose the RBI repo rate is 6.50% and a bank decides to keep a 2.00% spread for a particular category of home loan. In this case, the RLLR will be 8.50% (6.50% + 2.00%). If the RBI reduces the repo rate by 0.25%, the RLLR will automatically fall to 8.25%, thereby reducing the borrower’s Equated Monthly Instalment (EMI).

    Impact of RLLR on Loans

    Let's take a hypothetical example to explain this better:

    Suppose a borrower takes a home loan of ₹50 lakh at an RLLR of 8.50% for 20 years. The EMI would be approximately ₹43,391. Now, if the RBI cuts the repo rate by 0.25%, the RLLR drops to 8.25%. The new EMI becomes ₹42,568, saving the borrower about ₹823 per month. Over the course of a year, this translates into savings of nearly ₹9,876, and over the entire loan tenure, the borrower could save lakhs of rupees. This example highlights how RLLR directly links loan costs to changes in monetary policy.

    Key Components of Bank Spread 

    Here are the three key components of a bank spread:

    Credit Risk Premium

    The credit risk premium reflects the borrower’s risk profile and repayment capacity. Banks assess factors such as credit score, employment stability, collateral quality, and sectoral risks before assigning this premium. A borrower with strong repayment history and low leverage will face a lower premium, while high-risk borrowers attract higher spreads.

    Business Strategy Margin

    Beyond risk and cost considerations, banks include a business strategy margin to align lending rates with their competitive positioning. This margin reflects the bank’s appetite for market share, profitability targets, and sectoral focus. For instance, a bank aggressively targeting retail housing loans may keep this margin lower to attract customers, while another focusing on corporate lending may set higher margins.

    Loan-to-Value (LTV) Adjustment

    The loan-to-value adjustment is applied particularly in secured lending, such as housing loans. Banks assess the ratio of the loan amount to the value of the collateral property. A higher LTV ratio implies greater risk for the bank, as the collateral cushion is thinner. Consequently, spreads increase for high LTV loans, while lower LTV borrowers benefit from reduced margins.

    When Does the RBI Change the Repo Rate

    Here are some parameters that impact the repo rate:

    Headline Inflation Trends

    The Monetary Policy Committee (MPC) closely monitors headline inflation, particularly food and fuel prices, before deciding on changes to the repo rate. When inflation falls sharply, as seen in October 2025, when consumer inflation dropped to 0.25% due to easing food prices and GST rate cuts, the central bank gains room to reduce rates to stimulate demand.

    GDP Growth Momentum

    Strong GDP growth often reduces the need for aggressive monetary easing, while weak growth compels rate cuts. In late 2025, resilient GDP growth created uncertainty for policymakers: cutting rates risked overheating, while maintaining them risked slowing consumption. The MPC weighs quarterly GDP data to assess whether monetary policy should lean towards supporting expansion or cooling demand.

    Liquidity Conditions

    Repo rate decisions are influenced by systemic liquidity. When liquidity is abundant, lowering the repo rate may have a limited impact, while tightening liquidity requires rate adjustments to stabilise borrowing costs.

    Global Monetary Policy Shifts

    Global central banks’ actions, particularly the US Federal Reserve, shape the RBI’s repo rate stance. If global rates rise, maintaining lower domestic rates risks capital outflows and currency depreciation. Conversely, global easing cycles provide space for domestic rate cuts.

    Bond Yield Movements

    Bond yields reflect investor expectations of inflation and monetary policy. Sharp yield drops, as seen in November 2025 when markets priced in a December rate cut, signal confidence in easing. Conversely, rising yields may force the MPC to tighten policy to prevent disorderly market conditions.

    Also Read: A Guide To Understand Repo Linked Lending Rate (RLLR)

    What is MCLR?

    The Marginal Cost of Funds-based Lending Rate (MCLR) represents the internal benchmark used by banks to decide lending rates for loans such as home loans, personal loans, and corporate borrowings. It is the minimum interest rate below which banks in India cannot lend. The Reserve Bank of India introduced MCLR in April 2016.

    The calculation of MCLR involves several components, including the marginal cost of funds, negative carry on CRR, operating costs, and tenor premium. This accounts for the risk associated with longer-term lending.

    Banks compute MCLR for different tenors, overnight, one month, three months, six months, one year, and beyond, ensuring borrowers have clarity on how their loan interest rates are determined. 

    For example, suppose a bank has the following cost structure: a marginal cost of funds of 7.50%, a negative carry on CRR of 0.10%, an operating cost of 0.20%, and a tenor premium for a one-year loan of 0.25%. The one-year MCLR would be calculated as 7.50% + 0.10% + 0.20% + 0.25% = 8.05%. This means that for a one-year loan, the bank cannot lend below 8.05%, though it may add a spread depending on the borrower’s risk profile. 

    To illustrate further, if a borrower takes a home loan linked to the one-year MCLR of 8.05% with a spread of 0.50%, the effective interest rate becomes 8.55%. Thus, MCLR ensures that lending rates are closely aligned with the bank’s actual funding costs and the RBI’s monetary policy stance, making the system more responsive and fairer than the earlier base rate mechanism.

     

    Key Components of MCLR

    Here are some of the common components of MCLR:

    Marginal Cost of Funds

    The marginal cost of funds represents the incremental expense a bank incurs to raise an additional unit of capital. Unlike the average cost of funds, which smooths out historical borrowing costs, the marginal cost is forward-looking and highly sensitive to prevailing market conditions. It includes the cost of deposits (fixed and floating), borrowings from other institutions, and the impact of policy rate changes. Banks must factor in the weighted average cost of fresh deposits and borrowings, adjusted for the tenor of liabilities. 

    Negative Carry on CRR

    Cash Reserve Ratio (CRR) mandates banks to hold a fixed proportion of deposits as reserves with the central bank, earning no interest. This creates a “negative carry” because banks forego potential earnings on these funds while still incurring costs to mobilise deposits. In MCLR computation, this negative carry is explicitly recognised to ensure lending rates capture the opportunity cost of idle reserves. For example, if a bank raises deposits at 6% but must park 4% of them in CRR without return, the effective cost of usable funds rises. This adjustment prevents underpricing of loans.

    Operating Costs

    Operating costs under MCLR are not generic overheads but are specifically linked to loan origination, servicing, and risk management. These include expenses for maintaining branch infrastructure, digital platforms, compliance systems, and credit appraisal mechanisms. Unlike marginal cost or CRR adjustments, operating costs are bank-specific and vary depending on efficiency, scale, and technology adoption. Regulators mandate that only costs directly attributable to lending activity be included, preventing banks from inflating MCLR through unrelated expenditure.

    Tenor Premium

    Tenor premium accounts for the risk and uncertainty associated with lending over longer durations. Short-term loans expose banks to limited interest rate volatility, whereas long-term loans lock funds for extended periods, increasing exposure to inflation, policy shifts, and credit risk. To compensate, banks add a tenor premium to MCLR, which rises with loan maturity. This premium is not arbitrary; it is calculated based on the maturity profile of liabilities and the risk-adjusted return expectations. For instance, a one-year loan may carry minimal premium, while a five-year loan requires a higher buffer to safeguard against rate fluctuations.

    Key Difference Between RLLR vs MCLR 



    Here are some key distinctions between RLLR vs MCLR:

    Basis

    RLLR (Repo Linked Lending Rate)

    MCLR (Marginal Cost of Funds Based Lending Rate)

    Meaning RLLR is a floating interest rate directly linked to the RBI repo rate and changes immediately when the repo rate changes. MCLR is a benchmark rate based on a bank’s internal cost of funds, operating expenses, and profit margin.
    Regulatory Control Governed by RBI guidelines with mandatory direct linkage to the repo rate, ensuring faster transmission. Set by individual banks per the RBI framework, allowing discretion in adjustments.
    Rate Reset Speed Changes take effect almost instantly after the RBI revises the repo rate. Rate revisions occur monthly or at scheduled reset periods, which can cause delays.
    Transparency Fully transparent, as the calculation depends on one public rate plus a fixed spread. Less transparent due to multiple internal cost components decided by banks.
    Interest Calculation Rate = Repo rate + fixed spread, fixed at the time of loan sanction. Rate = MCLR + spread, where MCLR varies bank-to-bank.
    Benefit of Rate Cuts Borrowers benefit immediately when the RBI reduces the repo rate. The benefits of rate cuts are gradual or partial, depending on reset schedules.
    Impact of Rate Hikes Rate hikes also transfer quickly, increasing EMIs or tenure faster. Rate hikes affect borrowers after reset dates with some lag.
    Benchmark Uniformity The same repo rate applies to all lenders; the difference is only in spreads. MCLR rates differ across banks, leading to wide rate variations.
    Ease of Comparison Easier for borrowers to compare loan offers due to a standardised base rate. Comparisons are harder due to bank-specific benchmarks.
    Current Relevance Preferred benchmark for most new retail loans, including housing loans. Primarily applicable to older loans sanctioned before repo-linking became standard.


    Conclusion

    RLLR and MCLR represent two distinct approaches to loan pricing in India, each shaping how quickly borrowers experience changes in interest rates. RLLR’s direct linkage to the RBI repo rate ensures transparency and immediate transmission, allowing borrowers to benefit instantly from rate cuts and feel hikes just as fast. MCLR, rooted in banks’ internal cost structures and reset cycles, offers steadier short-term EMIs but often delays the benefits of easing policy rates. For most new borrowers seeking clarity and quicker monetary policy impact, RLLR has become the more borrower-friendly benchmark. Ultimately, understanding both systems enables borrowers to choose loan structures aligned with their cash-flow stability, risk tolerance, and long-term repayment goals.

    Also read: MCLR (Marginal Cost of Funds Based Lending Rate)

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    FAQS – FREQUENTLY ASKED QUESTIONS

    • What does RLLR mean in banking?

      RLLR stands for Repo Linked Lending Rate. It is a loan interest benchmark directly linked to the Reserve Bank of India’s repo rate. Any change in the repo rate is transmitted immediately to borrowers, ensuring transparent, faster, and uniform interest rate adjustments across eligible retail loans.

    • What does MCLR stand for?

      MCLR means Marginal Cost of Funds-based Lending Rate. It is a benchmark rate calculated by banks using funding costs, operational expenses, and required returns. Banks revise MCLR periodically, usually monthly, and lending rates are linked to these internally determined cycles rather than reflecting RBI rate changes in real time.

    • How is RLLR calculated?

      RLLR is calculated by adding the current RBI repo rate to a spread fixed by the lender. The spread accounts for operational costs and risk margins. This rate adjusts with any repo rate changes.

    • How is MCLR calculated?

      MCLR is calculated using the marginal cost of funds, operating costs, tenor premium, and the cash reserve ratio. This internal calculation helps banks decide lending rates for different loan tenures.

    • How quickly do interest rates change under RLLR?

      Under RLLR, rate changes are immediate. Whenever RBI changes the repo rate, the borrower’s loan interest rate adjusts without waiting for bank review cycles, enabling real-time monetary policy transmission and ensuring borrowers experience quicker benefits when rates are reduced.

    • How quickly do rates change under MCLR?

      MCLR-linked loans adjust only on the borrower’s reset date, typically every six or twelve months. Even if the RBI changes the repo rate, borrowers must wait until their reset period to see the impact, leading to slower monetary transmission than with RLLR.

    • Which system offers more transparency: RLLR or MCLR?

      RLLR offers greater transparency because rates move directly with the RBI’s publicly announced repo rate, making changes easy to track. MCLR calculations remain internal to banks, limiting visibility into how lending rates are adjusted and often causing uncertainty for borrowers.

    • Which framework passes RBI rate cuts faster?

      RLLR passes RBI rate cuts faster and fully to borrowers because changes are automatic. MCLR transmission is slower and sometimes partial, as banks may delay revisions or maintain higher spreads despite reductions in funding costs.

    • Is RLLR beneficial for new home loan borrowers?

      Yes, RLLR is generally beneficial for new borrowers. It ensures faster benefit from rate cuts, clear benchmarking, and reduced ambiguity in pricing. However, during rising interest rate cycles, borrowers may see quick rate increases as well.

    • Is MCLR better for stability?

      MCLR offers greater short-term stability since rates change only at scheduled reset intervals. Borrowers are shielded from frequent fluctuations. However, this stability comes at the cost of delayed benefits during falling interest rate cycles.

     

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    You may receive e-mails /communications/notifications from the Third Party Services Providers regarding facilities updates, information/promotional e-mails/SMS and/or update on new product announcements/services in such mode as permitted under law.

    Use of Website in India

    This Website is controlled and operated from India and there is no representation that the Materials/information are appropriate or will be available for use in other locations. If you use this Website from outside the India, you are entirely responsible for compliance with all applicable local laws. There is no warranty or representation that a user in one region may obtain the facilities of this website in another region.

    Information published on the Website may contain references or cross references to products, programs and facilities offered by ABC Companies/third parties that are not announced or available in your country. Such references do not imply that it is intended to announce such products, programs or facilities in your country. You may consult your local advisors for information regarding the products, programs and services that may be available to you.

    In your use of the Website, you may enter correspondence with, purchase goods and/or facilities from, or participate in promotions of advertisers or members or sponsors of the web site, including those of ABC Companies. Unless otherwise stated, any such correspondence, advertisement, purchase or promotion, including the delivery of and the payment for goods and/or facilities, and any other term, condition, warranty or representation associated with such correspondence, purchase or promotion, is solely between you and the applicable ABC Companies and/or third parties.

    You agree that Facilities Provider / ABC Companies has no liability, obligation or responsibility for any such correspondence, purchase or promotion between you and any other ABC Companies and/or third parties.

    Third party websites

    This Website may be linked to other websites (including those of ABC Companies) on the World Wide Web that are not under the control of or maintained by ABCL. Such links do not indicate any responsibility or endorsement on our part for the external website concerned, its contents or the links displayed on it. These links are provided only as a convenience, in order to help you find relevant websites, facilities and/or products that may be of interest to you, quickly and easily. It is your responsibility to decide whether any facilities and/or products available through any of these websites are suitable for your purposes. The Facilities Provider or ABCL is not responsible for the owners or operators of these websites or for any goods or facilities they supply or for the content of their websites and does not give or enter into any conditions, warranties or other terms or representations in relation to any of these or accept any liability in relation to any of these (including any liability arising out of any claim that the content of any external web site to which this web site includes a link infringes the intellectual property rights of any third party).

    USE of APP

    In case any facilities/services, access/dissemination of information or execution of transaction is done through use of any APP related to ABC Companies, the additional terms and conditions governing the Use of APP shall be applicable and to be read along these Terms of Use.

    Postings and monitoring

    The Facilities Provider or ABCL or ABC Companies does not routinely monitor your postings to the Website but reserves the right to do so if deemed necessary if it is related to the facilities offered on the web site and to comply with law. However, in our efforts to promote good citizenship within the internet community, if the Facilities Provider or ABCL or ABC Companies becomes aware of inappropriate use of the Website or any of its facilities, any information, opinions, advice or offers posted by any person or entity logged in to the Website or any of its associated sites is to be construed as public conversation only, and the Facilities Provider or ABC Companies shall not be liable or responsible for such public conversation. You agree that in such cases, we will respond in any way that, in our sole discretion, as deemed appropriate. You acknowledge that Facilities Provider or ABC Companies will have the right to report to law enforcement authorities any actions that may be considered illegal, as well as any information it receives of such illegal conduct. When requested, ABC Companies/Facilities Provider will co-operate fully with law enforcement agencies in any investigation of alleged illegal activity on the internet.

    Submissions and unauthorized use of any Materials contained on this Website may violate copyright laws, trademark laws, the laws of privacy and publicity, certain communications statutes and regulations and other applicable laws and regulations. You alone are responsible for your actions or the actions of any person using your user name and/or password. As such, you shall indemnify and hold Facilities Provider, ABCL / ABC Companies and its officers, directors, employees, affiliates, agents, licensors, and business partners harmless from and against any and all loss, costs, damages, liabilities, and expenses (including attorneys' fees) incurred in relation to, arising from, or for the purpose of avoiding, any claim or demand from a third party that your use of the Website or the use of the Website by any person using your user name and/or password (including without limitation your participation in the posting areas or your submissions) violates any applicable law or regulation, or the rights of any third party.

    We reserve the right to terminate access to this Website at any time and without notice. Further this limited license terminates automatically, without notice to you, if you breach any of these Terms of Use. Upon termination, you must immediately destroy any downloaded and printed Materials.

    If you come across any breaches/violation or offensive material you must report to us at abc.secretarial@adityabirla.com

    Use of Cookies

    You agree and understand that the Website will automatically receive and collect certain anonymous information in standard usage logs through the Web server, including computer/computer resource-identification information obtained from "cookies" sent to your browser from a web server or other means as explained in the Privacy Policy.  

    Facilities Changes and Discontinuation

    The Website reserves the right to discontinue or suspend, temporarily or permanently, the facilities. You agree that the Facilities Provider/ ABC Companies will not be liable to you in any manner whatsoever for any modification or discontinuance of the facilities. The format and content of this Website may change at any time. We may suspend the operation of this Website for support or maintenance work, in order to update the content or for any other reason.

    ABCL, ABC Companies, and its directors, employees, associates, or other representatives shall not be liable for any damages or injury, arising out of or in connection with the use, or non-use including non-availability of the Website and also for any consequential loss or any damages caused because of non-performance of the system due to a computer virus, system failure, corruption of data, delay in operation or transmission, communication line failure, or any other reason whatsoever. The Website will not be responsible for any liability arising out of delay in providing any information on the Website.

    Compliance with the Law

    You agree that you will not:

    • Use any robot, spider, scraper, deep link or other similar automated data gathering or extraction tools, programme, algorithm or methodology to access, acquire, copy or monitor the Website, or any portion of the Website.
    • Use or attempt to use any engine, software, tool, agent, or other device or mechanism (including without limitation, browsers, spiders, robots, avatars or intelligent agents) to navigate or search the Website, other than the search engines generally available by third party web browsers
    • Post or transmit any file which contains viruses, worms, Trojan horses or any other contaminating or destructive features, or that otherwise interferes with the proper working of the Website or the facilities.
    • Attempt to decipher, decompile, disassemble, or reverse engineer any of the software, comprising or in any way making up a part of the Website or the facilities.
    • You agree not to use the facilities for illegal purposes or for the transmission of material that is unlawful, harassing, libelous (untrue and damaging to others), invasive of another's privacy, abusive, threatening, or obscene, or that infringes the rights of others.

    Restrictions on Commercial Use or Resale

    Your right to use the facilities is personal to you; therefore, you agree not to resell or make any commercial use of the facilities. In addition, the Website welcomes your feedback as a user of the facilities. Any feedback you provide will become the confidential and proprietary information of the Website, and you agree that the Website may use in any manner and without limitation, all comments, suggestions, complaints, and other feedback you provide relating to the Website. The Website shall have a worldwide, royalty-free, non-exclusive, perpetual, and irrevocable right to use feedback for any purpose, including but not limited to incorporation of such feedback into the Website or other Website software or facilities.

    No Endorsements

    All product and facilities marks contained on or associated with the facilities that are not the Website marks are the trademarks of their respective owners. The Website would require you to respect the same. References to any such names, marks, products or facilities of third parties or hypertext links to third party sites or information does not imply the Website’s endorsement, sponsorship or recommendation of the third party, information, product or facilities.

    Promotional Offers

    You may receive from time to time, announcement about offers with intent to promote this Website and/or facilities/products of ABC Companies (“Promotional Offers”). The Promotional Offer(s) would always be governed by these Terms of Use plus certain additional terms and conditions, if any prescribed. The said additional terms and conditions, if prescribed, would be specific to the corresponding Promotional Offer only and shall prevail over these Terms of Use, to the extent they may be in conflict with these Terms of Use. The Website reserves the right to withdraw, discontinue, modify, extend and suspend the Promotional Offer(s) and the terms governing it, at its sole discretion.

    Charges for use of Website

    There are no charges or fees to be paid by you for use of this Website. However, you are responsible for all telephone access fees and/or internet service fees that may be assessed by your telephone and/or internet service provider. You further agree to pay additional charges, if any levied by Third Party Service Provider(s), for the facilities provided by them through the Website (Additional Charges).

    No Endorsement

    You are advised to be cautious when browsing on the internet and to use good judgment and discretion when obtaining information or transmitting information. From this Website, users may visit or be directed to third party web sites. The Website makes no effort to review the content of these web sites, nor is the Website or its licensors responsible for the validity, legality, copyright compliance, or decency of the content contained in these sites.

    In addition, the Website does not endorse or control the content of any other user and is not responsible or liable for any content, even though it could be unlawful, harassing, libelous, privacy invading, abusive, threatening, harmful, vulgar, obscene or otherwise objectionable, or that it infringes or may infringe upon the intellectual property or other rights of another. You acknowledge that the Website does not pre-screen content, but that the Website will have the right (but not the obligation) in their sole discretion to refuse, edit, move or remove any content that is available via the facilities.

    Electronic Communications

    These Terms of Use and any notices or other communications regarding the Facilities may be provided to you electronically, and you agree to receive communications from the Website in electronic form. Electronic communications may be posted on the Website and/or delivered to your registered email address, mobile phones etc either by Facilities Provider or ABC Companies with whom the services are availed. All communications in electronic format will be considered to be in "writing". Your consent to receive communications electronically is valid until you revoke your consent by notifying of your decision to do so. If you revoke your consent to receive communications electronically, the Facilities Provider shall have the right to terminate the facilities.

    Assignment

    You shall not assign your rights and obligations under this Agreement to any other party. The Website may assign or delegate its rights and/or obligations under this Agreement to any other party in future, directly or indirectly, or to an affiliated or group company.

    Legal Disclaimers

    The information provided on or through the Website is for general guidance and information purposes only and they do not in any manner indicate any assurance or opinion of any manner whatsoever. Any information may be prone to shortcomings, defects or inaccuracies due to technical reasons. Certain information on Website may be on the basis of our own appraisal of the applicable facts, law and regulations in force at the date hereof.

    The information (and opinions, if any) contained on the Website may have been obtained from public sources believed to be reliable and numerous factors may affect the information provided, which may or may not have been taken into account. The information provided may therefore vary (significantly) from information obtained from other sources or other market participants. Any reference to past performance in the information should not be taken as an indication of future performance. The information is dependent on various assumptions, individual preferences and other factors and thus, results or analyses cannot be construed to be entirely accurate and may not be suitable for all categories of users. Hence, they should not be solely relied on when making investment decisions. Your investment or financial decision shall always be at your own discretion and based on your independent research; and nothing contained on the Website or in any information would construe ABCL/ABC Companies or any of its employees/authorized representative as having been in any way involved in your decision making process. Any information and commentaries provided on the Website are not meant to be an endorsement or offering of any stock or investment advice.

    Nothing contained herein is to be construed as a recommendation to use any product, process, equipment or formulation, in conflict with any patent, or otherwise and Facilities Provider / ABCL/ABC Companies makes no representation or warranty, express or implied that, the use thereof will not infringe any patent, or otherwise. Information on this Website sourced from experts or third party service providers, which may also include reference to any ABCL Affiliate. However, any such information shall not be construed to represent that they belong or represent or are endorsed by the views of the Facilities Provider or ABC Companies. Any information provided or sourced from ABCL Affiliate belongs to them. ABCL is an independent entity and such information from any ABCL Affiliate are not in any manner intended or to be construed as being endorsed by ABCL or Facilities Provider. The information does not constitute investment or financial advice or advice to buy or sell, or to endorse or solicitation to buy or sell any securities or other financial instrument for any reason whatsoever. Nothing on the Website or information is intended to constitute legal, tax or investment advice, or an opinion regarding the appropriateness of any investment or a solicitation of any type. Investment in the securities market and any financial instruments are inherently risky and you shall always assume complete and full responsibility for the outcomes of all the financial or investment decisions that you make, including but not limited to loss of capital. You are therefore advised to obtain your own applicable legal, accounting, tax or other professional advice or facilities before taking or considering an investment or financial decision.

    No Solicitation

    No Information at this Website shall constitute an invitation to invest in ABCL or any ABC Companies. These are meant for general information only or to meet statutory requirements or disclosures. ABCL or any of its employees are in no way liable for the use of the information by you, when making any decision or investing or trading through any investment vehicles or ABC Companies, or any other third party which may be engaged in offering of these services.

    The information contained on this Website does not represent and should not be used to construe (i) the terms on which a new transaction would be entered into by ABCL or ABC Companies, (ii) the terms on which any existing transactions could be unwound by ABCL or ABC Companies, (iii) the calculation or estimate of an  amount that would be payable following an early termination of any past/existing transactions or (iv) the valuations given to any transactions by ABCL or ABC Companies in their books of account for financial reporting, credit or risk management purposes.

    Statutory Disclosure

    ABCL and ABC Companies are engaged in a broad spectrum of activities in the financial services sectors. You understand and acknowledge that Aditya Birla Money Limited (‘ABML’), Aditya Birla Finance Limited (‘ABFL’) and Aditya Birla Sun Life Asset Management Company Limited and trustees and sponsor of Aditya Birla Sun Life Mutual Fund (‘ABSLMF’) are group companies and ABML / ABFL also acts as a distributor of ABSLMF.  Any recommendation or reference of schemes of ABSLMF if any made or referred on the Website, the same is based on the standard evaluation and selection process, which would apply uniformly for all mutual fund schemes. You are free to choose the execution facilities in the manner deemed fit and proper and no commission will be paid by ABSLMF to ABML / ABFL if you choose to execute a transaction with ABSLMF on the Website, unless otherwise agreed by you and ABML/ABFL separately. Information about ABML/ABFL, its businesses and the details of commission structure receivable from asset management companies to ABML/ABFL, are also available on their respective Website.

    Similarly Aditya Birla Money Insurance Advisory Services Limited and Aditya Birla Insurance Brokers Limited are insurance intermediaries and engaged in the distribution of Insurance Products and it may services may include products of Aditya Birla Sun Life Insurance Company Limited and Aditya Birla Health Insurance Company Limited. However there is no conflict on these services and commissions if any payable are in accordance of the extant regulations.

    Force Majeure

    The Facilities Provider, ABC Companies and any of its Third Party Service Providers shall not be liable for any delay or failure in performance resulting directly or indirectly from acts of nature, forces, or causes beyond their reasonable control, including, without limitation, Internet failures, computer equipment failures, telecommunication equipment failures, other equipment failures, electrical power failures, strikes, virus, other malicious computer code, hacking, labour disputes, riots, insurrections, civil disturbances, shortages of labour or materials, fires, flood, storms, explosions, acts of God, war, earthquake, governmental actions, orders of domestic or foreign courts or tribunals, non-performance of third parties, or loss of or fluctuations in heat, light, or air conditioning.

    Indemnification

    You agree to protect and fully compensate Facilities Provider, ABCL, ABC Companies, subsidiaries, licensors, suppliers and facilities providers, employees, officers and directors, from any and all third party claims, liability, damages, expenses and costs (including but not limited to reasonable attorneys fees) caused by or arising from your use of the facilities, your violation of the Terms of Use or your infringement, or infringement by any other user of your account, of any intellectual property or other right of anyone.

    No Waiver

    The Facilities Provider, ABC Companies or any of its third party service providers and processor bank/merchants etc. shall not be deemed to have waived any of its/their rights or remedies hereunder, unless such waiver is in writing. No delay or omission on the part of Facilities Providers and ABC Companies, in exercising any rights or remedies shall operate as a waiver of such rights or remedies or any other rights or remedies. A waiver on any one occasion shall not be construed as a bar or waiver of any rights or remedies on future occasions.

    Exclusive Agreement

    You agree that these Terms of Use are the complete and exclusive statement of agreement supersede any proposal or prior agreement, oral or written, and any other communications between you and the Facilities Provider and its Third Party Service Providers or processor bank/merchants relating to the subject matter of these Terms of Use. These Terms of Use, as the same may be amended from time to time, will prevail over any subsequent oral communications between you and the Website and/or the processor bank.

    Termination

    Either party can terminate this Agreement by notifying the other party in writing. Upon such termination You will not be able to use the facilities of this Website.

    Governing Law and Jurisdiction

    The Website specifically prohibits you from usage of any of its facilities in any countries or jurisdictions that do not corroborate to all stipulations of these Terms of Use. The Website is specifically for users in the territory of India. In case of any dispute, either judicial or quasi-judicial, the same will be subject to the laws of India, with the courts in Mumbai having exclusive jurisdiction.

    These Terms and Conditions are governed by and to be interpreted in accordance with laws of India, without regard to the choice or conflicts of law provisions of any jurisdiction. You agree, in the event of any dispute arising in relation to these Terms and Conditions or any dispute arising in relation to the Website whether in contract or tort or otherwise, to submit to the jurisdiction of the courts located at Mumbai, India for the resolution of all such disputes.

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