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.
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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.
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