Kotak Mahindra Bank has increased its loan interest rates by 5 basis points, due to which the K-MCLR rate has increased to 8.25% overnight.
Kotak Mahindra Bank Lending Rates: If you are thinking of taking a loan from Kotak Mahindra Bank, then first of all you should check the latest loan interest rates of Kotak Mahindra Bank carefully because Kotak Mahindra Bank has increased its loan interest rates by 5 basis points and the revised rate of fund based loan rates will be effective from today, March 16. The lending private bank has increased the K-MCLR rate to 8.25% overnight.
At the same time, the rate has been increased to 8.50 per cent for one month. The KMCLR has been fixed at 8.65% for a period of three months and 8.85% for a period of six months. The bank has set an interest rate of 9.05%, 9.10% and 9.25% for one, two and three year tenure respectively, which will increase your loan EMI.
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Know what is marginal cost?
Explain that the marginal cost of the loan interest rate is the minimum rate at which the bank is allowed to lend to the customers. The financial institution is not allowed to lend money below that rate. The MCLR system set up by the Reserve Bank of India provides a floor cap on lending rates for various types of loans. Apart from Kotak Mahindra Bank, several other banks have also increased their loan rates after the Reserve Bank of India announced a hike in the benchmark policy rates.
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banks forced to raise funds
According to a report by India Ratings, marginal cost of funds of banks has seen a sharp increase, system wise loan rates may increase by 100-150 bps in the next financial year, due to the acceleration of monetary policy transmission by the Reserve Bank has increased. Banks have passed on most of the policy rate hike to lenders, when it comes to deposits, they are not doing the same, which has led to a massive fall in funds, forcing banks to raise a lot of money from the market. have been forced to.