Mumbai: Kotak Mahindra Bank has revised its marginal cost of funds based lending rate (MCLR) for different tenors. The private sector lender reduced the benchmark one-year tenor rate by 20 basis points.
The marginal cost of funds based lending rate linked loan rates for the benchmark one-year tenor has been cut to 8.55%. At present the rate is 8.75%. This rate is used by banks to price most of consumer loans such as auto, home and personal.
For other tenor loans ranging from overnight to three year, the revised rates are in the range of 7.80-9.05 per cent.
Earlier the largest public sector bank in the country, State Bank of India (SBI) increased MCLR rates by up to 15 basis points across tenors.