Private lender Kotak Mahindra Bank on Monday hiked the marginal cost of funds-based lending rate (MCLR) across tenures by 10 to 30 basis points (bps) for different loan segments. The updated MCLR rates are applicable from January 16, 2023.
Read More: Punjab and Sind Bank ups MCLR on most tenures by 15-25 bps from today
MCLR (Marginal Cost of Funds Based Landing Rate) is the minimum interest rate that a bank can charge for a loan. Banks are permitted to issue any category of loan on a fixed or floating interest rate under the MCLR regime. Therefore, for all loans linked to that benchmark, the bank will not lend at a rate that is lower than MCLR of that particular maturity.
Read More: Good News For Techies! Wipro to Hire 8,000 Freshers Amid Mass Layoffs. Deets Here
According to the official website of Kotak Mahindra Bank, MCLR across different tenures ranges from 8.15 percent to 9.15 percent.
Earlier in November, Kotak Mahindra Bank had increased its 1-year MCLR by 10 basis points.
