Jammu And Kashmir Bank MCLR Rates, Jammu And Kashmir Bank Base Rate – Feb 2018

Jammu And Kashmir Bank MCLR Rate

Current MCLR rate of Jammu And Kashmir Bank ranges from 7.65% to 9.05% varying by reset frequency of the loan. Jammu And Kashmir Bank revises MCLR rates on a monthly basis and benchmark its interest rates for home loan and other loans to MCLR rates of different tenor.

Base rate to be aligned to MCLR from 1st April 2018 - RBI in its monetary policy on 7th Feb 2018 has mandated that banks’ base rates be linked to MCLR rates. This will benefit Jammu And Kashmir Bank home loan and loan against property borrowers whose loans are linked to base rate. Any increase or decrease in Jammu And Kashmir Bank MCLR rates will now automatically be applicable to pre 2016 loans that are benchmarked to base rate.

Tenure wise MCLR JK Bank Rate Today
Overnight 7.65%
1 Month 7.90%
3 Month 8.05%
6 Month 8.40%
1 Year 8.80%
2 Year 9.00%
3 Year 9.05%
JK Bank Base Rate 9.50%

Jammu And Kashmir Bank Interest Rates

Jammu And Kashmir Bank Interest Rates
Home Loan Interest Rates 8.65% * Floating Detail
Loan Against Property Rates 12.20% * Floating Detail
Car Loan Interest Rates % to % Detail
RD Interest Rates 5.00% to 6.75% Detail

MCLR of Jammu And Kashmir Bank

Jammu And Kashmir Bank revises its MCLR rate on a monthly basis. Latest MCLR rates of Jammu And Kashmir Bank as announced on 10 Feb 2018 are:

  • Overnight MCLR Rate is 7.65%. The rate was last revised on 10 Oct 2017 to 7.65% from 7.75%
  • 1 Month MCLR Rate is 7.90%. The rate was last revised on 10 Oct 2017 to 7.90% from 8.00%
  • 3 Month MCLR Rate is 8.05%. The rate was last revised on 10 Oct 2017 to 8.05% from 8.15%
  • 6 Month MCLR Rate is 8.40%. The rate was last revised on 10 Oct 2017 to 8.40% from 8.50%
  • 1 Year MCLR Rate is 8.80%. The rate was last revised on 10 Oct 2017 to 8.80% from 8.90%
  • 2 Year MCLR Rate is 9.00%. The rate was last revised on 10 Oct 2017 to 9.00% from 9.10%
  • 3 Year MCLR Rate is 9.05%. The rate was last revised on 10 Oct 2017 to 9.05% from 9.15%

Jammu And Kashmir Bank MCLR Rate Trend

Date Jammu And Kashmir Bank MCLR
10th Feb 18
Overnight : 7.65%
1 Month : 7.90%
3 Month : 8.05%
6 Month : 8.40%
1 Year : 8.80%
2 Year : 9.00%
3 Year : 9.05%
10th Jan 18
Overnight : 7.65%
1 Month : 7.90%
3 Month : 8.05%
6 Month : 8.40%
1 Year : 8.80%
2 Year : 9.00%
3 Year : 9.05%
14th Dec 17
Overnight : 7.65%
1 Month : 7.90%
3 Month : 8.05%
6 Month : 8.40%
1 Year : 8.80%
2 Year : 9.00%
3 Year : 9.05%
10th Nov 17
Overnight : 7.65%
1 Month : 7.90%
3 Month : 8.05%
6 Month : 8.40%
1 Year : 8.80%
2 Year : 9.00%
3 Year : 9.05%
10th Oct 17
Overnight : 7.65%
1 Month : 7.90%
3 Month : 8.05%
6 Month : 8.40%
1 Year : 8.80%
2 Year : 9.00%
3 Year : 9.05%
10th Sep 17
Overnight : 7.75%
1 Month : 8.00%
3 Month : 8.15%
6 Month : 8.50%
1 Year : 8.90%
2 Year : 9.10%
3 Year : 9.15%
10th Aug 17
Overnight : 7.75%
1 Month : 8.00%
3 Month : 8.15%
6 Month : 8.50%
1 Year : 8.90%
2 Year : 9.10%
3 Year : 9.15%
10th Jul 17
Overnight : 7.85%
1 Month : 8.00%
3 Month : 8.15%
6 Month : 8.50%
1 Year : 8.90%
2 Year : 9.10%
3 Year : 9.15%
10th Jun 17
Overnight : 7.85%
1 Month : 8.00%
3 Month : 8.15%
6 Month : 8.50%
1 Year : 8.90%
2 Year : 9.10%
3 Year : 9.15%
10th May 17
Overnight : 8.15%
1 Month : 8.15%
3 Month : 8.15%
6 Month : 8.50%
1 Year : 8.65%
2 Year : 8.85%
3 Year : 8.95%
10th Apr 17
Overnight : 8.10%
1 Month : 8.10%
3 Month : 8.10%
6 Month : 8.45%
1 Year : 8.60%
2 Year : 8.80%
3 Year : 8.90%
10th Apr 17
Overnight : 8.10%
1 Month : 8.10%
3 Month : 8.10%
6 Month : 8.45%
1 Year : 8.60%
2 Year : 8.80%
3 Year : 8.90%
10th Mar 17
Overnight : 8.10%
1 Month : 8.10%
3 Month : 8.10%
6 Month : 8.45%
1 Year : 8.70%
2 Year : 8.80%
3 Year : 8.90%
10th Feb 17
Overnight : 8.10%
1 Month : 8.10%
3 Month : 8.10%
6 Month : 8.45%
1 Year : 8.70%
2 Year : 8.80%
3 Year : 8.90%
10th Jan 17
Overnight : 8.20%
1 Month : 8.25%
3 Month : 8.30%
6 Month : 8.55%
1 Year : 8.80%
2 Year : 8.90%
3 Year : 9.00%
10th Oct 16
Overnight : 8.75%
1 Month : 8.90%
3 Month : 8.95%
6 Month : 9.10%
1 Year : 9.35%
2 Year : 9.45%
3 Year : 9.55%
26th Aug 16
Overnight : 8.90%
1 Month : 8.95%
3 Month : 9.05%
6 Month : 9.20%
1 Year : 9.40%
2 Year : 9.50%
3 Year : 9.60%
01st Jul 16
Overnight : 9.25%
1 Month : 9.30%
3 Month : 9.35%
6 Month : 9.40%
1 Year : 9.45%
2 Year : 9.55%
3 Year : 9.60%
01st Apr 16
Overnight : 9.25%
1 Month : 9.30%
3 Month : 9.35%
6 Month : 9.40%
1 Year : 9.45%
2 Year : 9.55%
3 Year : 9.60%
  • Effective 1st April 2016, Jammu And Kashmir Bank has been directed by RBI to fix its loan interest rates benchmarked to MCLR rate which is based on its marginal cost of funds. Earlier, the bank fixed its loan interest rates to Base Rate, which was based on total cost of funds of the bank. Jammu And Kashmir Bank MCLR rates for different tenors range from 7.65% to 9.05%.
  • RBI allows banks to set their own MCLR Rate based on their marginal cost of funds which means the cost of raising new funds for the bank. So, Jammu And Kashmir Bank decides and announces its MCLR rate regularly based on prescribed formula and policy rate changes by RBI in its monetary policy.
  • Note that the RBI does not decide the MCLR Rate of any bank. RBI only announces the repo rate, which influences the cost of raising new funds for the bank. Banks may or may not decide to change their MCLR rate in response to changes in the repo rate. For instance, Jammu And Kashmir Bank may decide to bring a lower cut in their MCLR rate compared to a Repo Rate cut. If RBI cuts the repo rate by 50 basis points or 0.5%, JK Bank may decide to cut its 1 Year MCLR rate only by 0.25% based on its internal funding and liquidity position. Hence, it is important to compare the MCLR rate change of Jammu And Kashmir Bank with that of RBI Repo Rate and MCLR Rate changes of other banks before taking a decision to take a loan from Jammu And Kashmir Bank.
  • MCLR rate can be revised by Jammu And Kashmir Bank every month. However, it is not mandatory for Jammu And Kashmir Bank to revise its rate every month and it may choose to retain the same rate for a longer period keeping them unchanged.

Jammu And Kashmir Bank Home Loan Interest Rate and MCLR

  • Every floating rate loan sanctioned by Jammu And Kashmir Bank is benchmarked to its MCLR Rate for a particular tenure, say 1 month or 3 month or 6 months.
  • Shorter duration loans such as cash credit, OD facility, personal loans are linked to short tenure MCLR rate while longer duration loans such as home loan, loan against property, vehicle loan are linked to longer duration MCLR rates.
  • The applicable rate of interest on a floating rate loan will consist of two parts - the applicable benchmark rate and the spread or margin above the benchmark.
  • Your loan from Jammu And Kashmir Bank will be repriced periodically depending upon the tenure of the MCLR to which it is linked. So, a home loan linked to 1 Year MCLR rate of Jammu And Kashmir Bank will be repriced every year. Say, you take a loan from JK Bank at 1 Year MCLR rate plus 20 bps spread when the 1 Year MCLR rate is 8.80%. This loan will initially be priced at 9%. Its next re-pricing will be done one year from now. If the 1 Year MCLR rate after one year increases by 10 bps, the loan will be priced at 9.1% for the next year.

Compare MCLR Rate Movement



    Compare Jammu And Kashmir Bank MLCR Rates with Other Banks

    About Jammu And Kashmir Bank

    • Jammu And Kashmir Bank's registered office is located at Corporate Headquarter, M.A.Road, Srinagar Jammu & Kashmir-190001 .
    • Jammu And Kashmir Bank's management is led by its CEO Mr.Mushtaq Ahmad.
    • Its current Base Rate is 10.25%, which was last revised on 05th Oct 15.
    JK Bank News - Feb 2018
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