Kotak Mahindra Bank and SBI MCLR Revised: After the decision to increase the MCLR rate of State Bank of India, the country’s largest public sector bank, now another bank has revised its MCLR. This bank is Kotak Mahindra Bank. Kotak Mahindra Bank has increased the marginal cost based interest rate – Marginal Cost of Lending Rates (MCLR) on one hand, while on the other hand has cut their interest rates. The bank has decided to cut the 1-year MCLR by 0.20 per cent. After this, the one-year MCLR based loan of the bank has been reduced from 8.75 per cent to 8.55 per cent. Apart from this, the bank has increased the MCLR for all other tenors.
MCLR details of Kotak Mahindra Bank-
Let us tell you that the bank has cut its one-year marginal cost of lending rates and it has reached 8.55 percent. At the same time, after the increase in overnight MCLR, it has become 7.80 percent. One month MCLR has reached 8.05 percent, 3 months MCLR 8.20 percent, 6 months MCLR has reached 8.40 percent. The 2-year MCLR has gone up to 8.85 per cent and the 3-year MCLR has now increased to 9.05 per cent.
State Bank loans became expensive
Before Kotak Mahindra Bank, the country’s largest government bank SBI had decided to increase its benchmark based MCLR. The bank had increased the MCLR by 15 basis points. These rates have come into effect from 15 November 2022. SBI has increased the one-year MCLR by 0.10 percent to 8.05 percent. Till now it was 7.95 percent. Two-year and three-year MCLR has also increased from 0.10 percent to 8.25 and 8.35 percent. At the same time, the MCLR for one month and three months has been increased by 0.15 percent to 7.75 percent. The six-month MCLR has also been increased by 0.15 per cent to 8.05 per cent. Apart from this, the overnight MCLR has been increased by 0.10 percent to 7.60 percent. In such a situation, customers will now have to pay more EMI on all types of people.
Bank customers will be affected
When any bank changes its lending rate (MCLR), it directly affects the customers of the concerned bank. Home loan, car loan, personal loan of the concerned bank becomes costlier when MCLR is increased. Kotak Mahindra Bank has increased the MCLR of various tenors today. Due to which bank loans have become expensive.
customers will be affected
Let us tell you that the increase or decrease in MCLR of any bank will directly affect the customers of the bank. Due to this, loans like home loan, car loan, personal loan will become expensive. At the same time, a reduction will be registered in Kotak Mahindra’s 1-year MCLR based home loan, car loan, education loan, personal loan. On the other hand, an increase in EMI will be recorded on all other MCLR based loans.