MCLR rate: Kotak Mahindra Bank revises the MCLR on loans
The latest overnight MCLR is at 6.65% while the one-month, three-month and six-month MCLR rates are 6.90%, 6.95% and 7.25% respectively. And the one-year, two-year, and three-year rates are 7.40%, 7.70%, and 7.90%, respectively.
Kotak Mahindra Bank MCLR on Loans
After the latest review, many types of loans will become more expensive.
Kotak Mahindra Bank’s base rate is 7.30% effective March 23, 2022.
Banks raise MCLR rates
Recently, Bank of Baroda, State Bank of India and Axis Bank have revised their MCLR. While SBI increased the MCLR by 10 basis points, BOB and Axis Bank increased by 5 basis points. The Reserve Bank of India (RBI) kept its policy rates unchanged at its monetary policy meeting on April 8, 2022.
In determining the MCLR, the marginal cost of funds is critical. The MCLR will be affected by changes in policy rates, such as the repo rate, which affect the marginal cost of funds. The increase in MCLR will be reflected in their EMI (Equivalent Monthly Payment) when their home loan reset date arrives.