Earlier, SBI, Bank of Baroda, DCB Bank, Bank of Maharashtra, ICICI Bank and Indian have also increased their loan rates.
Kotak Mahindra Bank reduced one year MCLR
Along with continuously increasing the repo rate by the Reserve Bank, banks are also continuously increasing their loan rates. Although there is pressure on the banks to increase the demand, in such a situation, the banks have also started giving relief to the customers amidst the increase in the loan rates. Kotak Mahindra Bank has changed the MCLR rates for its various tenors and has increased most of them. However, it has announced a reduction in one year MCLR. Normally banks fix loan rates on this MCLR. That is, if you are planning to take a loan from Kotak Bank, then you may be offered lower loan rates than before.
How much MCLR rates reduced
Private sector Kotak Mahindra Bank has changed the MCLR rates for different periods. Under this, the marginal cost-based lending rate of the fund i.e. MCLR has been reduced by 0.20 percent for a period of one year, while MCLR has increased for other periods. The one year MCLR rate has been reduced from 8.75 percent to 8.55 percent.
Banks use the one-year MCLR rate for most loans such as auto, housing and personal loans. Kotak Bank said on its website that the revised MCLR rates have come into effect from November 16, 2022. Banks review their MCLR rates on a monthly basis. According to the bank, for loans of other tenors ranging from one day to three years, the revised rates are in the range of 7.80-9.05 per cent.
Many banks increased MCLR
Earlier, SBI had increased the MCLR by up to 0.15 percent. At the same time, Bank of Baroda increased the MCLR by 0.15 percent. On the other hand, DCB Bank increased the MCLR by 0.27 percent. Along with this, Bank of Maharashtra, ICICI Bank and Indian have also increased their loan rates. With the increase in repo rates by the Reserve Bank, the cost of banks has also increased, due to which they are increasing their loan rates. However, its customers are also getting the benefit. Banks are also increasing loan rates to increase deposits.
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