Kotak Mahindra increases 1-year MCLR rate by 10 bps, hikes for other tenors

For other tenor loans ranging from overnight to three year, the revised rates are in the range of 7.80-9.05%, according to Kotak

Private sector Kotak Mahindra Bank has revised upward its marginal cost of funds based lending rate for different tenors and increased the benchmark one-year tenor rate by 10 basis points.
 

The MCLR (marginal cost of funds based lending rate) linked loan rates for the benchmark one-year tenor, which is used by banks to price most of consumer loans such as auto, home and personal, has been increased to to 8.55 per cent from 8.45 per cent.
 

The revised MCLR rates have come to effect from November 16, 2022, Kotak Bank said on its website.
 

Banks review their MCLR rates on