Kotak Mahindra Bank cuts its 1-year MCLR rate by 20 bps

PNT Bureau | Last Updated : 21st Nov, 2022

Synopsis

In a statement released earlier last week on the official website, Kotak Mahindra Bank has announced that will reduce its marginal cost of funds-based lending rate (MCLR) for its benchmark one-year tenor by 20 basis points from 8.75 percent to 8.55 per cent. Tenors ranging from overnight to three years will also have revised rates ranging from 7.80 to 9.05 per cent. The revised rates will come into effect from 16th November 2022.

In a statement released earlier last week on the official website, Kotak Mahindra Bank has announced that will reduce its marginal cost of funds-based lending rate (MCLR) for its benchmark one-year tenor by 20 basis points from 8.75 percent to 8.55 per cent. Tenors ranging from overnight to three years will also have revised rates ranging from 7.80 to 9.05 per cent. A large majority of one year tenor loans are disbursed as consumer loans for the purchase of automobiles, homes, and personal requirements.

As most banks tend to revise their rates on the monthly basis, Kotak las revised their MCLR rates in mid-October 2022. The revised rates will come into effect from 16th November 2022. Several private and public sector banks have been increasing their MCLR consistently over the last couple of months, making it costlier for home buyers to avail funding. However, the increased rates have done little to damper demand as demand continues to be robust in most cities in the country.

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Kotak Mahindra Bank cuts its 1-year MCLR rate by 20 bps

Synopsis

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