---
title: "External Benchmark Lending Rate (EBLR) Explained"
description: "The External Benchmark Lending Rate (EBLR) links Indian bank loan rates to the RBI repo rate, impacting retail loans since October 2019."
url: "https://modeldiplomat.com/learn/glossary/external-benchmark-lending-rate"
---

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Model Diplomat Research Team · Last reviewed June 22, 2026

TL;DR

- The External Benchmark Lending Rate is the interest rate at which Indian banks price retail and floating-rate loans by linking them to an external reference such as the RBI repo rate.
- How does EBLR differ from MCLR?
- Which external benchmarks can banks choose under the EBLR regime?
- How often is an EBLR-linked loan repriced?
- Why did borrower instalments rise sharply during 2022–2023 under EBLR?

[Civil Service & Diplomatic Exams](https://modeldiplomat.com/learn/civil-services/glossary)Updated June 22, 2026

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## Timeline

1. 4 September 2019

   The External Benchmark Lending Rate (EBLR) is the loan-pricing regime mandated by the Reserve Bank of India under its circular DBR.DIR.BC.No.14/13.03.00/2019…

2. 1 October 2019

   The External Benchmark Lending Rate (EBLR) is the loan-pricing regime mandated by the Reserve Bank of India under its circular DBR.DIR.BC.No.14/13.03.00/2019…

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Example

In October 2019, the State Bank of India linked its retail floating-rate loans to the RBI repo rate as its External Benchmark Lending Rate, repricing borrower instalments within each subsequent quarter as the Monetary Policy Committee changed the policy rate.

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