Kotak Bank hikes hikes by 5 bps across tenures

Kotak Bank hikes hikes by 5 bps across tenures

The bank's new loan rates will fall between 8.20 and 9.20%. The lender increased the MCLR by 10 to 30 bps across all tenures in January

FPJ Web DeskUpdated: Thursday, February 16, 2023, 12:52 PM IST
article-image
Kotak Bank hikes MCLR by 5 bps across tenures | Image: Kotak Mahindra Bank (Representative)

Kotak Mahindra Bank has raised its marginal cost of funds-based lending rate by five basis points across loan tenures effective today, according to the bank's website.

The bank's new loan rates will fall between 8.20 and 9.20%. The lender increased the MCLR by 10 to 30 bps across all tenures in January.

The policy repo rate was increased by 25 bps on February 8 by the Monetary Policy Committee of the RBI.

The repo rate is currently 6.50%, bringing the main policy rate's cumulative increase since May 2022 to 250 bps.

RECENT STORIES

Modi 3.0 Budget 2024 Livestream: When, Where & How To Watch Finance Minister Nirmala Sitharaman's...

Modi 3.0 Budget 2024 Livestream: When, Where & How To Watch Finance Minister Nirmala Sitharaman's...

Modi 3.0 Budget 2024: From ₹401 Crores In 1952-53 To ₹47,65,768 Crores In 2024-25, The Budget...

Modi 3.0 Budget 2024: From ₹401 Crores In 1952-53 To ₹47,65,768 Crores In 2024-25, The Budget...

Stock Market: Sensex Ends Lower Ahead Of Union Budget 2024-25

Stock Market: Sensex Ends Lower Ahead Of Union Budget 2024-25

Maruti Suzuki Grand Vitara Hits 2 Lakh Sales Milestone in India in Under 2 Years

Maruti Suzuki Grand Vitara Hits 2 Lakh Sales Milestone in India in Under 2 Years

Hyundai Alcazar Facelift to Hit the Market Soon: Latest Spy Shots and Updates

Hyundai Alcazar Facelift to Hit the Market Soon: Latest Spy Shots and Updates