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    HomeNewsBusinessKotak Mahindra Bank hikes rates on home, other loans by 10-30 bps

    Kotak Mahindra Bank hikes rates on home, other loans by 10-30 bps

    The rate hike will be effective from January 16 and follows back-to-back RBI rate hikes.

    Moneycontrol News
    January 16, 2023 / 11:41 IST
    While it remains unknown why the Kotak Mahindra Bank app server is down, it is possible that the application is currently under maintenance.

    While it remains unknown why the Kotak Mahindra Bank app server is down, it is possible that the application is currently under maintenance.

    Private lender Kotak Mahindra Bank has hiked the marginal cost of funds-based lending rate (MCLR) across various tenures by 10 to 30 basis points (bps) for different loan segments.

    MCLR is the minimum rate at which lending rates are calculated.

    Details on the Kotak bank's website showed that the MCLR-based lending rate for loan across different tenures ranges from 8.15 percent to 9.15 percent.

    The new rates have come into effect from January 16.

    Since May, the RBI has hiked the interest rates by 225 basis points to fight inflation. One basis point is one hundredth of a percentage point.

    Following this, banks have passed on the rate hikes both in lending and deposit rates.

    Moneycontrol News
    first published: Jan 16, 2023 11:41 am

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