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Karur Vysya Bank MCLR Rates, Karur Vysya Bank Base Rate – Jul 2021

Karur Vysya Bank MCLR Rate

Last Updated 09th Jul 2021

Current MCLR rate of Karur Vysya Bank ranges from 8.00% to 8.75% varying by reset frequency of the loan. Karur Vysya 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 Karur Vysya Rate Today
Overnight 8.00%
1 Month 8.15%
3 Month 8.30%
6 Month 8.65%
1 Year 8.75%
Karur Vysya Base Rate 10.10%
Apply for Home Loan @ 6.65% *

Karur Vysya Bank Interest Rates

Karur Vysya Bank offers the following loans to its customer on these rates currently:

Home Loan Interest Rates 7.35% * Floating Detail
Loan Against Property Rates 9.25% * Floating Detail
Personal Loan Interest Rates 9.40% to 19.00% Detail
Fixed Deposit Interest Rates 3.25% to 5.75% Detail
RD Interest Rates 6.75% to 7.00% Detail

MCLR of Karur Vysya Bank

Karur Vysya Bank revises its MCLR rate on a monthly basis. Latest MCLR rates of Karur Vysya Bank as announced on 07 Jun 2021 are:

  • Overnight MCLR Rate is 8.00%.
  • 1 Month MCLR Rate is 8.15%.
  • 3 Month MCLR Rate is 8.30%.
  • 6 Month MCLR Rate is 8.65%.
  • 1 Year MCLR Rate is 8.75%.
  • 2 Year MCLR Rate is 0.00%.
  • 3 Year MCLR Rate is 0.00%.
  • 5 Year MCLR Rate is 0.00%.

Karur Vysya Bank MCLR Rate Trend

Date Karur Vysya Bank MCLR
07th Jun 21 Overnight : 8.00%
1 Month : 8.15%
3 Month : 8.30%
6 Month : 8.65%
1 Year : 8.75%
07th Sep 20 Overnight : 7.90%
1 Month : 8.05%
3 Month : 8.20%
6 Month : 8.55%
1 Year : 8.65%
07th Aug 20 Overnight : 8.00%
1 Month : 8.15%
3 Month : 8.30%
6 Month : 8.65%
1 Year : 8.80%
  • Effective 1st April 2016, Karur Vysya 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. Karur Vysya Bank MCLR rates for different tenors range from 8.00% to 8.75%.
  • 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, Karur Vysya 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, Karur Vysya 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%, Karur Vysya 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 Karur Vysya Bank with that of RBI Repo Rate and MCLR Rate changes of other banks before taking a decision to take a loan from Karur Vysya Bank.
  • MCLR rate can be revised by Karur Vysya Bank every month. However, it is not mandatory for Karur Vysya 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.

Karur Vysya Bank Home Loan Interest Rate and MCLR

  • Every floating rate loan sanctioned by Karur Vysya 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 Karur Vysya Bank MCLR Rates with Other Banks

About Karur Vysya Bank

  • Karur Vysya Bank's registered office is located at Post Box No. 21, Erode Road, Karur Tamil Nadu-639002 .
  • Karur Vysya Bank's management is led by its CEO Mr. B Ramesh Babu.
  • Its current Base Rate is 10.10%, which was last revised on 07th Jun 17.

FAQs

What is the MCLR of Karur Vysya Bank?

Karur Vysya Bank MCLR ranges between 8.00% to 8.75% for a tenure ranging between 1 month to 5 years.

What is the current Karur Vysya Bank MCLR rate?

Current Karur Vysya Bank, overnight tenure is 8.00%, 1 month mclr is 8.15% , three month mclr is 8.30%, six month mclr is 8.65%, one year tenure is 8.75% and two year tenure is 0.00%.

What is Karur Vysya Bank base rate?

Currently, Karur Vysya Bank offers loans at a base rate of 10.10%.


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Karur Vysya News - Jul 2021
  • 2020-06-08 : Karur Vysya Bank revised its MCLR
    Karur Vysya Bank revised its Marginal cost of lending rate. For overnight, one month and three months, the new MCLR rate will be 8.05%, 8.15% and 8.30%, respectively. Further, the MCLR for six months and one-year stands at 8.85% and 9.15% respectively. The new rates will be effective from 7 June 2020.
  • 2020-01-07 : Karur Vysya Bank revised MCLR
    The overnight, one-month, three-months MCLR of Karur Vysya Bank is kept unchanged and stands at 8.30%, 8.40%, 8.55%, respectively. While six-months and 1 year MCLR is cut by 10 bps to 9% and 9.30%. The revised rates are in effect from 7 January 2020. The cut in MCLR will impact home loans and loans against property.
  • 2018-03-22 : Karur Vyasa Bank raises MCLR by 15 bps
    Karur Vyasa Bank has raised its MCLR by 5 basis points for six month and 1 year tenors. The new rates are now 8.95% to 9.15%, respectively. The new rates are effective from March 7.
  • 2017-06-07 : Karur Vysya Bank revises its MCLR and Base rate
    Karur Vysya Bank has revised its MCLR (Marginal cost of Funds Based Lending Rates) and Base rate. For overnight, one month and three month, the new MCLR rate will be 8.95%, while for six month and one year maturities new MCLR is priced at 9.15% and 9.35% respectively. Simultaneously, the bank has revised its base rate also by 20 bps from 10.30 per cent to 10.10 per cent. The new rates will be effective from 7th June, 2017.
*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
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