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Bank MCLR hikes and impact on your loan EMI
What is MCLR
Let’s compare and discover which bank offers the best deal after the raise.
The overnight, one-month, three-month, and six-month MCLR rates have all been raised by 10 basis points to 6.75 percent, 6.75 percent, and 7.05 percent, respectively, according to the SBI website. Similarly, the one-year MCLR is 7.10 percent, and the two-year MCLR is 7.30 percent.
Bank of Baroda
Axis Bank has upped its overnight, one-month, three-month, and six-month marginal cost of funds-based MCLR rates by 0.05 percent to 7.15 percent, 7.25 percent, and 7.30 percent, respectively. Similarly, the one-year MCLR is 7.35 percent, the two-year is 7.45 percent, and the three-year is 7.50 percent.
Kotak Mahindra Bank
The most recent overnight MCLR is 6.65 percent, with one-month, three-month, and six-month rates of 6.90 percent, 6.95 percent, and 7.25 percent, respectively. The one-year, two-year, and three-year rates, respectively, are 7.40 percent, 7.70 percent, and 7.90 percent.