What is the difference between Base Rate, MCLR, and EBLR for loans?

Base Rate (pre-2016), MCLR (Marginal Cost of Funds-based Lending Rate, 2016), and EBLR (External Benchmark Lending Rate, 2019) are successive loan pricing benchmarks mandated by the RBI. EBLR is directly linked to the repo rate, ensuring faster transmission of RBI rate cuts to borrowers.