Kotak Mahindra Bank cuts 1-year MCLR rate by 20 bps, increases for other tenors | Tech US News

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Private sector Kotak Mahindra Bank has raised its marginal cost of funds lending rate for various tenures but cut the benchmark one-year tenure rate by 20 basis points.

MCLR (Marginal Cost of Funds Lending), the benchmark linked lending rate for a one-year tenure, which banks use to price most consumer loans such as auto, home and personal, is 8.75. It has been reduced to 8.55%. percent.

The revised MCLR rates are effective from November 16, 2022, Kotak Bank said on its website.

Banks review their MCLR rates on a monthly basis.

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

In its first review of MCLR rates in mid-October, Kotak Mahindra Bank had revised the rates to a range of 7.70-8.95 percent.

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

SBI has raised the benchmark one-year MCLR to 8.05% from 15 November 2022 from 7.95% earlier.

(This story has not been edited by DavidDiscourse staff and is generated automatically from a syndicated feed.)

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