Loan Rate Hike: After the country’s big public sector banks State Bank of India (BPLR) and Canara Bank, now another bank has decided to increase its lending rates. Big private sector bank Kotak Mahindra Bank has decided to increase its marginal cost of lending rates, shocking its customers. The bank has increased MCLR by 5 basis points. The new rates have come into effect from March 16, 2023.
Kotak Mahindra Bank’s MCLR for different tenures
The MCLR of overnight loan of Kotak Mahindra Bank (Kotak Mahindra Bank MCLR) has now increased to 8.25 percent. At the same time, 1 month MCLR has increased to 8.50 percent, 3 months MCLR has increased to 8.65 percent. The MCLR of Kotak Mahindra Bank has now increased to 8.85 per cent. At the same time, the MCLR for loans of 1 year, 2 years and 3 years has increased to 9.05 per cent, 9.10 per cent and 9.25 per cent. After this increase, now customers will have to pay more EMI on home loan, car loan, education loan etc.
SBI increased BPLR
State Bank of India has increased its base rate and benchmark prime lending rate (BPLR) from Wednesday. The bank has decided to increase its Base Rate and BPLR on a quarterly basis. The bank has increased its BPLR by 0.70 per cent or 70 basis points. Now the BPLR of State Bank has increased from 14.15 percent to 14.85 percent.
Canara Bank also increased MCLR
Before State Bank, Canara Bank has also decided to increase its MCLR, shocking its customers. The new rates have come into effect from March 12. The bank has increased its MCLR by up to 45 basis points. The bank has increased the overnight MLCR by 35 basis points to reach 7.90 percent. At the same time, the 1-month MLCR has increased by 45 basis points and has reached 8.00 per cent. At the same time, after an increase of 10 basis points in the 6-month MLCR, it has reached 8.40 percent. At the same time, the 3-month MLCR has increased by 25 basis points to 8.15 percent and the 1-year MLCR has increased by 10 basis points to 8.60 percent.