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.
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