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Karnataka Bank MCLR Rates, Karnataka Bank Base Rate – May 2022
Karnataka Bank MCLR Rate
Current MCLR rate of Karnataka Bank ranges from 7.90% to 8.65% varying by reset frequency of the loan. Karnataka 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 | Karnataka Bank Rate Today |
---|---|
Overnight | 7.90% |
1 Month | 8.00% |
3 Month | 8.20% |
6 Month | 8.35% |
1 Year | 8.65% |
Karnataka Bank Base Rate | 8.00% |
Karnataka Bank Interest Rates
Karnataka Bank offers the following loans to its customer on these rates currently:
Home Loan Interest Rates | 8.55% * Floating | Detail |
Loan Against Property Rates | 10.89% * Floating | Detail |
Fixed Deposit Interest Rates | 3.40% to 5.50% | Detail |
MCLR of Karnataka Bank
Karnataka Bank revises its MCLR rate on a monthly basis. Latest MCLR rates of Karnataka Bank as announced on 01 Dec 2021 are:
- Overnight MCLR Rate is 7.90%.
- 1 Month MCLR Rate is 8.00%.
- 3 Month MCLR Rate is 8.20%.
- 6 Month MCLR Rate is 8.35%.
- 1 Year MCLR Rate is 8.65%.
- 2 Year MCLR Rate is 0.00%.
- 3 Year MCLR Rate is 0.00%.
- 5 Year MCLR Rate is 0.00%.
Karnataka Bank MCLR Rate Trend
Date | Karnataka Bank MCLR |
---|---|
01st Dec 21 | Overnight : 7.90% 1 Month : 8.00% 3 Month : 8.20% 6 Month : 8.35% 1 Year : 8.65% |
01st Aug 21 | Overnight : 8.05% 1 Month : 8.15% 3 Month : 8.35% 6 Month : 8.50% 1 Year : 8.80% |
01st Jul 21 | Overnight : 8.80% 1 Month : 8.50% 3 Month : 8.35% 6 Month : 8.15% 1 Year : 8.05% |
01st Feb 21 | Overnight : 8.95% 1 Month : 8.65% 3 Month : 8.50% 6 Month : 8.30% 1 Year : 8.20% |
01st Oct 20 | Overnight : 8.90% 1 Month : 8.60% 3 Month : 8.45% 6 Month : 8.25% 1 Year : 8.15% |
01st Sep 20 | Overnight : 8.20% 1 Month : 8.30% 3 Month : 8.50% 6 Month : 8.65% 1 Year : 8.95% |
01st Jul 20 | Overnight : 8.35% 1 Month : 8.45% 3 Month : 8.65% 6 Month : 8.80% 1 Year : 9.10% |
01st May 20 | Overnight : 8.55% 1 Month : 8.65% 3 Month : 8.85% 6 Month : 9.00% 1 Year : 9.30% |
01st Feb 20 | Overnight : 8.35% 1 Month : 8.45% 3 Month : 8.65% 6 Month : 8.80% 1 Year : 9.10% |
01st Jan 20 | Overnight : 8.40% 1 Month : 8.50% 3 Month : 8.70% 6 Month : 8.85% 1 Year : 9.15% |
01st Dec 19 | Overnight : 8.45% 1 Month : 8.55% 3 Month : 8.75% 6 Month : 8.90% 1 Year : 9.20% |
01st Oct 19 | Overnight : 8.50% 1 Month : 8.60% 3 Month : 8.80% 6 Month : 8.95% 1 Year : 9.25% |
01st Sep 19 | Overnight : 8.45% 1 Month : 8.55% 3 Month : 8.65% 6 Month : 8.75% 1 Year : 9.25% |
01st Aug 19 | Overnight : 8.45% 1 Month : 8.55% 3 Month : 8.65% 6 Month : 8.75% 1 Year : 9.25% |
01st May 19 | Overnight : 8.50% 1 Month : 8.60% 3 Month : 8.70% 6 Month : 8.80% 1 Year : 9.40% |
01st Mar 19 | Overnight : 8.50% 1 Month : 8.60% 3 Month : 8.70% 6 Month : 8.80% 1 Year : 9.45% |
01st Feb 19 | Overnight : 8.50% 1 Month : 8.55% 3 Month : 8.70% 6 Month : 8.75% 1 Year : 9.10% |
01st Jan 19 | Overnight : 8.50% 1 Month : 8.55% 3 Month : 8.70% 6 Month : 8.75% 1 Year : 9.10% |
01st Dec 18 | Overnight : 8.40% 1 Month : 8.45% 3 Month : 8.60% 6 Month : 8.65% 1 Year : 8.95% |
01st Nov 18 | Overnight : 8.40% 1 Month : 8.45% 3 Month : 8.60% 6 Month : 8.65% 1 Year : 8.95% |
01st Oct 18 | Overnight : 8.40% 1 Month : 8.45% 3 Month : 8.50% 6 Month : 8.55% 1 Year : 8.95% |
01st Sep 18 | Overnight : 8.40% 1 Month : 8.45% 3 Month : 8.50% 6 Month : 8.55% 1 Year : 8.95% |
01st Aug 18 | Overnight : 8.40% 1 Month : 8.45% 3 Month : 8.50% 6 Month : 8.55% 1 Year : 8.95% |
01st Jul 18 | Overnight : 8.40% 1 Month : 8.45% 3 Month : 8.50% 6 Month : 8.55% 1 Year : 8.90% |
01st Jun 18 | Overnight : 8.35% 1 Month : 8.40% 3 Month : 8.45% 6 Month : 8.50% 1 Year : 8.85% |
01st May 18 | Overnight : 8.35% 1 Month : 8.40% 3 Month : 8.45% 6 Month : 8.50% 1 Year : 8.80% |
01st Apr 18 | Overnight : 8.35% 1 Month : 8.40% 3 Month : 8.45% 6 Month : 8.50% 1 Year : 8.80% |
01st Mar 18 | Overnight : 8.25% 1 Month : 8.30% 3 Month : 8.35% 6 Month : 8.40% 1 Year : 8.75% |
01st Feb 18 | Overnight : 8.25% 1 Month : 8.30% 3 Month : 8.35% 6 Month : 8.40% 1 Year : 8.75% |
01st Jan 18 | Overnight : 8.25% 1 Month : 8.30% 3 Month : 8.35% 6 Month : 8.40% 1 Year : 8.75% |
01st Dec 17 | Overnight : 8.25% 1 Month : 8.30% 3 Month : 8.35% 6 Month : 8.40% 1 Year : 8.75% |
01st Nov 17 | Overnight : 8.25% 1 Month : 8.30% 3 Month : 8.35% 6 Month : 8.40% 1 Year : 8.75% |
01st Oct 17 | Overnight : 8.35% 1 Month : 8.40% 3 Month : 8.45% 6 Month : 8.50% 1 Year : 8.85% |
01st Sep 17 | Overnight : 8.35% 1 Month : 8.40% 3 Month : 8.45% 6 Month : 8.50% 1 Year : 8.85% |
01st Jun 17 | Overnight : 8.35% 1 Month : 8.40% 3 Month : 8.45% 6 Month : 8.50% 1 Year : 8.90% |
01st May 17 | Overnight : 8.40% 1 Month : 8.45% 3 Month : 8.55% 6 Month : 8.70% 1 Year : 8.90% |
01st Apr 17 | Overnight : 8.40% 1 Month : 8.45% 3 Month : 8.55% 6 Month : 8.70% 1 Year : 8.90% |
01st Oct 16 | Overnight : 8.90% 1 Month : 9.00% 3 Month : 9.05% 6 Month : 9.10% 1 Year : 9.15% |
01st Apr 16 | Overnight : 8.95% 1 Month : 9.05% 3 Month : 9.10% 6 Month : 9.15% 1 Year : 9.20% |
- Effective 1st April 2016, Karnataka 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. Karnataka Bank MCLR rates for different tenors range from 7.90% to 8.65%.
- 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, Karnataka 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, Karnataka 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%, Karnataka 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 Karnataka Bank with that of RBI Repo Rate and MCLR Rate changes of other banks before taking a decision to take a loan from Karnataka Bank.
- MCLR rate can be revised by Karnataka Bank every month. However, it is not mandatory for Karnataka 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.
Karnataka Bank Home Loan Interest Rate and MCLR
- Every floating rate loan sanctioned by Karnataka 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 Karnataka Bank MCLR Rates with Other Banks
- Allahabad Bank
- Andhra Bank
- AU Small Finance Bank
- Axis Bank
- Bajaj Finserv
- Bandhan Bank
- Bank of Baroda
- Bank of India
- Bank of Maharashtra
- Canara Bank
- Central Bank of India
- Cholamandalam
- Citibank
- Corporation Bank
- DBS Bank
- DCB Bank
- Dhan Laxmi Bank
- Edelweiss
- Equitas Small Finance Bank
- ESAF Small Finance Bank
- Federal Bank
- GIC Housing Finance
- HDFC
- HDFC Bank
- HSBC Bank
- ICICI Bank
- ICICI Home Finance
- IDBI Bank
- IDFC First Bank
- IIFL
- Indiabulls
- Indian Bank
- Indian Overseas Bank
- IndusInd Bank
- Jammu And Kashmir Bank
- Jana Small Finance Bank
- Karnataka Bank
- Karur Vysya Bank
- Kotak Bank
- Lakshmi Vilas Bank
- LIC Housing Finance
- LT Housing Finance
- OBC
- Piramal Housing Finance
- PNB
- PNB Housing Finance
- Punjab and Sind Bank
- RBL Bank
- SBI
- South Indian Bank
- Standard Chartered Bank
- Syndicate Bank
- UCO Bank
- Ujjivan Small Finance Bank
- Union Bank of India
- United Bank of India
- Yes Bank
About Karnataka Bank
- Karnataka Bank's registered office is located at P.O. Box 599, Mahaveera Circle, Kankanady, Mangalore-575002 India.
- Karnataka Bank's management is led by its CEO Mr. Mahabaleshwara M. S.
- Its current Base Rate is 8.00%, which was last revised on 01st Jan 22.
FAQs
✅What is the MCLR of Karnataka Bank?
Karnataka Bank MCLR ranges between 7.90% to 8.65% for a tenure ranging between 1 month to 5 years.
✅What is the current Karnataka Bank MCLR rate?
Current Karnataka Bank, overnight tenure is 7.90%, 1 month mclr is 8.00% , three month mclr is 8.20%, six month mclr is 8.35%, one year tenure is 8.65% and two year tenure is 0.00%.
✅What is Karnataka Bank base rate?
Currently, Karnataka Bank offers loans at a base rate of 8.00%.
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- 2021-07-05 : Karnataka Bank revised its MCLR
With effect from July 01, 2021, Karnataka Bank revised its MCLR. The one-year MCLR stands at 8.80%. The overnight and one-month MCLR stands at 8.05% and 8.15%, respectively. The three months MCLR stands at 8.35% and six months MCLR stands at 8.50%. - 2021-02-04 : Revised MCLR for Karnataka Bank
Karnataka Bank revised its MCLR with effect from 1 February 2021. The one-year MCLR stands at 8.20%. The overnight and one-month MCLR stands at 8.95% and 8.65%, respectively. The three months MCLR stands at 8.50% and six months MCLR stands at 8.30%. - 2020-01-03 : Karnataka Bank cut its MCLR by 5bps
Karnataka Bank revised its MCLR. The one-year MCLR stands at 9.15% from earlier 9.20%. The overnight and one-month MCLR stands at 8.40% and 8.50%, respectively. The three months MCLR stands at 8.70% and six months MCLR stands at 8.85%. These rates are in effect from 1 January 2020. - 2019-09-03 : Karnataka Bank reduces MCLR by 10bps
With effect from September 1, 2019, Karnataka bank will reduce its MCLR by 10 basis points. However, this reduction has been done only on the tenure of one year. The MCLR is thus reduced to 9.25 percent, which earlier was at 9.35 percent. - 2019-01-02 : Karnataka Bank raises MCLR by 5 basis points
Karnataka Bank has raised its Marginal Cost of Funds Based Lending Rate (MCLR) by 5 basis points across all tenure for the month of December. It will make retail loans costlier for the customers. Now six-month MCLR stands at 8.75% and that of one year at 9.10%. The revised rates are effective from January 1, 2019.
