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Tuesday, November 28, 2023

Kotak Mahindra Bank cuts 1-year MCLR rate by 20 bps, hikes for other tenors


Private sector has revised upward its marginal cost of funds based lending rate for different tenors but reduced the benchmark one-year tenor rate by 20 basis points.

The MCLR (marginal cost of funds based lending rate) linked loan rates for the benchmark one-year tenor, which is used by to price most of such as auto, home and personal, has been cut to 8.55 per cent from 8.75 per cent.

The revised have come to effect from November 16, 2022, Kotak Bank said on its website.

review their on a monthly basis.

For other tenor loans ranging from overnight to three year, the revised rates are in the range of 7.80-9.05 per cent, according to Kotak.

In the earlier review of in mid-October, had revised these rates in the range of 7.70-8.95 per cent.

The hike in MCLR by the Kotak Bank follows a rate revision by the country’s largest lender SBI which increased rates by up to 15 basis points across tenors.

SBI hiked the benchmark one-year tenor MCLR to 8.05 per cent with effect from November 15, 2022 as against 7.95 per cent earlier.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)


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