Kotak Mahindra Bank increases MCLR

Our Bureau | | Updated on: Apr 18, 2022
The new MCLR rates came into effect from April 16

The new MCLR rates came into effect from April 16 | Photo Credit: VIJAY SONEJI

Overnight MCLR is now 6.65 per cent while the one year MCLR is 7.4 per cent

Kotak Mahindra Bank has increased the marginal cost of lending rate (MCLR) by five basis points across all tenors.

According to its website, the new MCLR rates came into effect from April 16.

Following this increase, a majority of loans will become expensive.

The overnight MCLR is now 6.65 per cent while the one year MCLR is 7.4 per cent.

State Bank of India had also recently hiked the MCLR by 10 basis points.

Published on April 18, 2022
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