Another bank has updated its MCLR following the decision of the largest public sector bank in the nation, State Bank of India, to raise the rate. Kotak Mahindra Bank is this institution. On the one hand, Kotak Mahindra Bank has raised its marginal cost-based interest rate (MCLR), while on the other hand, it has decreased its interest rates. The 1-year MCLR will be decreased by 0.20 per cent by the bank. Following this, the bank’s one-year MCLR-based lending rate was lowered from 8.75 per cent to 8.55 per cent. The bank has raised the MCLR for all other tenors in addition to this.
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Kotak Mahindra Bank’s MCLR details:
Let us inform you that the bank’s annual marginal cost of lending has decreased and is now 8.55 per cent. At the same time, it has increased to 7.80 per cent as a result of the overnight MCLR hike. The MCLR for one month was 8.05 per cent, for three months it was 8.20 per cent, and for six months it was 8.40 per cent. The 3-year MCLR has now risen to 9.05%, while the 2-year MCLR has increased to 8.85%.
Loans from State Bank increased in cost:
The largest government bank in the nation, SBI, decided to raise its benchmark-based MCLR before Kotak Mahindra Bank. The MCLR had gone up by 15 basis points thanks to the bank. As of November 15, 2022, these rates are in effect. The one-year MCLR was raised by 0.10 per cent by SBI to 8.05 per cent. It was 7.95% up until this point. The MCLR for two and three years has also raised from 0.10 per cent to 8.25 and 8.35 per cent, respectively. A 0.15 per cent rise to 7.75 per cent was made to the MCLR for one month and three months at the same time. A 0.15 per cent increase has also been made to the six-month MCLR, bringing it to 8.05 per cent. The overnight MCLR has also been raised by 0.10 per cent to 7.60 per cent.
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Customers will now pay more EMI:
Any time a bank modifies its lending rate (MCLR), it directly impacts the bank’s clients. When the MCLR is raised, the concerned bank’s personal, auto, and home loans become more expensive. The MCLR for several tenors has increased today at Kotak Mahindra Bank. Bank loans are becoming more expensive as a result.
