4,80,000 people visited this section in last 30 daysApply Online

Get Cashback of Upto ₹ 1,000* on Loans Apply Online

MyLoanCare Customer Ratings - 4.5/5.0 Apply Online

Jammu And Kashmir Bank MCLR Rates, Jammu And Kashmir Bank Base Rate – Jul 2021

Jammu And Kashmir Bank MCLR Rate

Last Updated 06th Jul 2021

Current MCLR rate of Jammu And Kashmir Bank ranges from 6.55% to 7.80% 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 tenors.

Tenure wise MCLR JK Bank Rate Today
Overnight 6.55%
1 Month 6.65%
3 Month 6.85%
6 Month 7.15%
1 Year 7.30%
2 Year 7.75%
3 Year 7.80%
JK Bank Base Rate 9.50%
Apply for Home Loan @ 6.65% *

Jammu And Kashmir Bank Interest Rates

Jammu And Kashmir Bank offers the following loans to its customer on these rates currently:

Home Loan Interest Rates 7.20% * Floating Detail
Loan Against Property Rates 9.20% * Floating Detail
Fixed Deposit Interest Rates 3.00% to 5.30% 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 Jun 2021 are:

  • Overnight MCLR Rate is 6.55%.
  • 1 Month MCLR Rate is 6.65%.
  • 3 Month MCLR Rate is 6.85%.
  • 6 Month MCLR Rate is 7.15%.
  • 1 Year MCLR Rate is 7.30%.
  • 2 Year MCLR Rate is 7.75%.
  • 3 Year MCLR Rate is 7.80%.
  • 5 Year MCLR Rate is 0.00%.

Jammu And Kashmir Bank MCLR Rate Trend

Date Jammu And Kashmir Bank MCLR
10th Jun 21 Overnight : 6.55%
1 Month : 6.65%
3 Month : 6.85%
6 Month : 7.15%
1 Year : 7.30%
2 Year : 7.75%
3 Year : 7.80%
10th May 21 Overnight : 6.55%
1 Month : 6.65%
3 Month : 6.85%
6 Month : 7.15%
1 Year : 7.30%
2 Year : 7.75%
3 Year : 7.80%
10th Apr 21 Overnight : 6.60%
1 Month : 6.70%
3 Month : 6.90%
6 Month : 7.20%
1 Year : 7.35%
2 Year : 7.80%
3 Year : 7.85%
10th Feb 21 Overnight : 6.60%
1 Month : 6.70%
3 Month : 6.90%
6 Month : 7.20%
1 Year : 7.35%
2 Year : 7.80%
3 Year : 7.85%
10th Jan 21 Overnight : 6.65%
1 Month : 6.75%
3 Month : 6.95%
6 Month : 7.25%
1 Year : 7.40%
2 Year : 7.85%
3 Year : 7.90%
15th Nov 20 Overnight : 6.75%
1 Month : 6.85%
3 Month : 7.05%
6 Month : 7.35%
1 Year : 7.50%
2 Year : 7.95%
3 Year : 8.00%
10th Oct 20 Overnight : 6.75%
1 Month : 6.85%
3 Month : 7.05%
6 Month : 7.35%
1 Year : 7.50%
2 Year : 7.95%
3 Year : 8.00%
10th Sep 20 Overnight : 6.75%
1 Month : 6.85%
3 Month : 7.05%
6 Month : 7.35%
1 Year : 7.50%
2 Year : 7.95%
3 Year : 8.00%
10th Aug 20 Overnight : 6.75%
1 Month : 6.85%
3 Month : 7.05%
6 Month : 7.35%
1 Year : 7.50%
2 Year : 7.95%
3 Year : 8.00%
  • 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 6.55% to 7.80%.
  • 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 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.
  • As per the latest regulations given by RBI, with effect from April 1, 2019, all floating interest rates on retail loans are to be linked to external benchmark lending rates. These could be the RBI's repo rate, three-month treasury bill yield, six-month treasury bill yield or other benchmark rate published by the Financial Benchmarks India Pvt Ltd.This was done in view to promote the easier transmission of reduced interest rates to customers, which was not well done when rates were linked to MCLR.

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.

Compare Jammu And Kashmir Bank MCLR 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.R K Chhibber.
  • Its current Base Rate is 9.50%, which was last revised on 05th Oct 15.

FAQs

What is the MCLR of Jammu And Kashmir Bank?

Jammu And Kashmir Bank MCLR ranges between 6.55% to 7.80% for a tenure ranging between 1 month to 5 years.

What is the current Jammu And Kashmir Bank MCLR rate?

Current Jammu And Kashmir Bank, overnight tenure is 6.55%, 1 month mclr is 6.65% , three month mclr is 6.85%, six month mclr is 7.15%, one year tenure is 7.30% and two year tenure is 7.75%.

What is Jammu And Kashmir Bank base rate?

Currently, Jammu And Kashmir Bank offers loans at a base rate of 9.50%.


Notification ×
  • Home Loan

    Home Loan at all-time low rates starting at 6.65%. Cashback of up to ₹ 1,000.

    Apply Now
  • Personal Loan

    Instant Personal Loan starting at 10.25% with Cashback of up to ₹ 1,000 .

    Check Offers
  • Gold Loan

    Instant Gold Loan starting at 9.50% with Cashback of up to ₹ 500

    Apply Now
  • Loan Against Property

    Best Loan Against Property Offers starting @ 7.20%. Cashback of up to ₹ 1,000*.

    Apply Now
  • Business Loan

    Collateral Free Business Loan Rates starting at 14.00% with Overdraft facility.

    Apply Now
  • Fixed Deposit

    AAA rated FDs with returns as high as 6.95%.

    Invest Now
JK Bank News - Jul 2021
  • 2021-05-13 : Revised Marginal cost of lending rate for Jammu and Kashmir Bank
    Jammu and Kashmir Bank changed its MCLR. The overnight, one month and three months rate stands at 6.55%, 6.55% and 6.85%, respectively. The rate for 6 months is 7.15%. Further, the revised rates for one year, two years and three years is 7.30%, 7.75% and 7.80%, respectively. The revised rates are effective from May 10, 2021.
  • 2021-02-12 : Jammu and Kashmir revised its MCLR
    Jammu and Kashmir changed its MCLR. The overnight, one month and three months rate stands at 6.60%, 6.70% and 6.90%, respectively. The rate for 6 months is 7.20%. Further, the revised rates for one year, two years and three years is 7.35%, 7.80% and 7.85%, respectively. The revised rates are effective from february 10, 2021.
  • 2020-10-15 : Revised MCLR for Jammu and Kashmir Bank
    Jammu and Kashmir changed its MCLR for the month of June. The overnight, one month and three months rate stands at 6.75%, 6.85% and 7.05%, respectively. The rates for 6 months is 7.35%. Further, the revised rates for one year, two years and three years is 7.50%, 7.90% and 8%, respectively. The revised rates are effective from October 10, 2020.
  • 2020-08-12 : Jammu and Kashmir Bank revised MCLR
    Jammu and Kashmir changed its Marginal Cost of Lending Rate for the month of August. The overnight, one month and three months rate stands at 6.75%, 6.85% and 7.05%, respectively. The rates for 6 months is 7.35%. Further, the revised rates for one year, two years and three years is 7.50%, 7.90% and 8%, respectively.
  • 2020-06-11 : Jammu and Kashmir Bank revised MCLR
    Jammu and Kashmir changed its Marginal Cost of Lending Rate for the month of June. The overnight, one month and three months rate stands at 7.10%, 7.20% and 7.40%, respectively. The rates for 6 months is 7.70%. Further, the revised rates for one year, two years and three years is 7.85%, 8.30% and 8.35%, respectively. The revised rates are effective from June 10, 2019.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
Loader
Please wait while your information is being processed...