Ajit Karn
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Many banks have recently increased the interest rate (MCLR) on different types of loans. On Sunday, January 15, the public sector State Bank of India increased the lending rates (SBI MCLR hike) by 10 basis points. Today Kotak Mahindra Bank and Federal Bank have increased the interest rate (Federal Bank MCLR) by 10 to 30 basis points. Federal Bank has increased interest by a flat 20 basis points for all loan tenures, while Kotak Mahindra Bank has increased interest by 10-30 basis points for different tenure loans (Kotak Mahindra Bank MCLR). The new rate is applicable from today itself. Due to the increase in MCLR, interest on other types of loans including home loan, car loan will increase and the burden of EMI going every month will also increase.
Federal Bank MCLR
According to the information available on the bank’s website, Federal Bank has increased the overnight MCLR to 8.95 per cent. One month MCLR has now become 9 per cent, three months MCLR 9.05 per cent, six months MCLR 9.15 per cent and one year loan rate 9.20 per cent. The base rate is 9.63 per cent.
Kotak Mahindra Bank MCLR
According to information available on Kotak Mahindra Bank’s website, the overnight MCLR is now 8.15 per cent, one month MCLR 8.40 per cent, three months 8.55 per cent, six months 8.75 per cent, one year 8.95 per cent, two years 9 per cent and three years The MCLR has now increased to 9.15 per cent.
SBI Hiked MCLR
According to SBI’s website, the increase in MCLR has been done over a period of one year only. The 1-year MCLR has increased by 0.10% to 8.40. Overnight MCLR remains at 7.85%, 1 to 3 months MCLR 8%, 6 months MCLR 8.30%, 2 years MCLR 8.50% and 3 years MCLR 8.60%.
