Kotak Bank MCLR Rates, Kotak Bank Base Rate – Feb 2018

Kotak Bank MCLR Rate

Current MCLR rate of Kotak Bank ranges from 7.90% to 8.70% varying by reset frequency of the loan. Kotak 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 Kotak Bank home loan and loan against property borrowers whose loans are linked to base rate. Any increase or decrease in Kotak Bank MCLR rates will now automatically be applicable to pre 2016 loans that are benchmarked to base rate.

Tenure wise MCLR Kotak Rate Today
Overnight 7.90%
1 Month 8.00%
3 Month 8.35%
6 Month 8.45%
1 Year 8.65%
2 Year 8.70%
3 Year 8.70%
Kotak Base Rate 9.10%

Kotak Bank Interest Rates

Kotak Bank Interest Rates
Home Loan Interest Rates 8.40% * Floating Detail
Loan Against Property Rates 9.85% * Floating Detail
Personal Loan Interest Rates 11.50% to 24.00% Detail
Business Loan Interest Rates 16.00% to 19.99% Detail
RD Interest Rates 3.50% to 6.85% Detail
Saving Account Interest Rates 5.00% to 6.00% Detail
Fixed Deposit Interest Rates 6.75% to 6.25% Detail

MCLR of Kotak Bank

Kotak Bank revises its MCLR rate on a monthly basis. Latest MCLR rates of Kotak Bank as announced on 01 Feb 2018 are:

  • Overnight MCLR Rate is 7.90%. The rate was last revised on 01 Feb 2018 to 7.90% from 7.80%
  • 1 Month MCLR Rate is 8.00%. The rate was last revised on 01 Feb 2018 to 8.00% from 7.85%
  • 3 Month MCLR Rate is 8.35%. The rate was last revised on 01 Feb 2018 to 8.35% from 8.15%
  • 6 Month MCLR Rate is 8.45%. The rate was last revised on 01 Feb 2018 to 8.45% from 8.35%
  • 1 Year MCLR Rate is 8.65%. The rate was last revised on 01 Jan 2018 to 8.65% from 8.60%
  • 2 Year MCLR Rate is 8.70%. The rate was last revised on 01 Feb 2018 to 8.70% from 8.65%
  • 3 Year MCLR Rate is 8.70%. The rate was last revised on 01 Jan 2018 to 8.70% from 8.60%

Kotak Bank MCLR Rate Trend

Date Kotak Bank MCLR
01st Feb 18
Overnight : 7.90%
1 Month : 8.00%
3 Month : 8.35%
6 Month : 8.45%
1 Year : 8.65%
2 Year : 8.70%
3 Year : 8.70%
01st Jan 18
Overnight : 7.80%
1 Month : 7.85%
3 Month : 8.15%
6 Month : 8.35%
1 Year : 8.65%
2 Year : 8.65%
3 Year : 8.70%
01st Dec 17
Overnight : 7.70%
1 Month : 7.70%
3 Month : 8.10%
6 Month : 8.30%
1 Year : 8.60%
2 Year : 8.60%
3 Year : 8.60%
01st Nov 17
Overnight : 7.70%
1 Month : 7.70%
3 Month : 8.10%
6 Month : 8.30%
1 Year : 8.60%
2 Year : 8.60%
3 Year : 8.60%
01st Oct 17
Overnight : 7.70%
1 Month : 7.70%
3 Month : 8.10%
6 Month : 8.30%
1 Year : 8.60%
2 Year : 8.60%
3 Year : 8.60%
01st Sep 17
Overnight : 7.70%
1 Month : 7.70%
3 Month : 8.10%
6 Month : 8.30%
1 Year : 8.60%
2 Year : 8.60%
3 Year : 8.60%
01st Aug 17
Overnight : 7.75%
1 Month : 7.75%
3 Month : 8.15%
6 Month : 8.35%
1 Year : 8.65%
2 Year : 8.65%
3 Year : 8.65%
01st Jul 17
Overnight : 7.75%
1 Month : 7.80%
3 Month : 8.15%
6 Month : 8.40%
1 Year : 8.65%
2 Year : 8.65%
3 Year : 8.65%
01st Jun 17
Overnight : 7.90%
1 Month : 7.95%
3 Month : 8.25%
6 Month : 8.50%
1 Year : 8.90%
2 Year : 8.85%
3 Year : 8.85%
01st May 17
Overnight : 7.95%
1 Month : 7.95%
3 Month : 8.25%
6 Month : 8.50%
1 Year : 8.80%
2 Year : 8.85%
3 Year : 8.85%
01st Apr 17
Overnight : 8.00%
1 Month : 8.10%
3 Month : 8.25%
6 Month : 8.50%
1 Year : 8.80%
2 Year : 8.85%
3 Year : 8.85%
01st Mar 17
Overnight : 8.05%
1 Month : 8.10%
3 Month : 8.25%
6 Month : 8.50%
1 Year : 8.85%
2 Year : 8.85%
3 Year : 8.85%
01st Feb 17
Overnight : 8.05%
1 Month : 8.10%
3 Month : 8.25%
6 Month : 8.50%
1 Year : 8.85%
2 Year : 8.85%
3 Year : 8.85%
01st Jan 17
Overnight : 8.20%
1 Month : 8.25%
3 Month : 8.40%
6 Month : 8.65%
1 Year : 9.00%
2 Year : 9.00%
3 Year : 9.00%
01st Dec 16
Overnight : 8.60%
1 Month : 8.70%
3 Month : 8.85%
6 Month : 9.05%
1 Year : 9.20%
2 Year : 9.25%
3 Year : 9.25%
01st Nov 16
Overnight : 8.60%
1 Month : 8.80%
3 Month : 9.00%
6 Month : 9.20%
1 Year : 9.45%
2 Year : 9.55%
3 Year : 9.55%
01st Oct 16
Overnight : 8.70%
1 Month : 8.80%
3 Month : 9.00%
6 Month : 9.20%
1 Year : 9.50%
2 Year : 9.55%
3 Year : 9.55%
01st Sep 16
Overnight : 8.70%
1 Month : 8.80%
3 Month : 9.00%
6 Month : 9.25%
1 Year : 9.55%
2 Year : 9.60%
3 Year : 9.60%
01st Aug 16
Overnight : 8.75%
1 Month : 8.85%
3 Month : 9.05%
6 Month : 9.30%
1 Year : 9.60%
2 Year : 9.65%
3 Year : 9.65%
01st Jul 16
Overnight : 8.90%
1 Month : 8.95%
3 Month : 9.10%
6 Month : 9.35%
1 Year : 9.60%
2 Year : 9.65%
3 Year : 9.65%
01st Jun 16
Overnight : 8.90%
1 Month : 9.00%
3 Month : 9.25%
6 Month : 9.40%
1 Year : 9.60%
2 Year : 9.65%
3 Year : 9.65%
01st Apr 16
Overnight : 8.90%
1 Month : 9.00%
3 Month : 9.25%
6 Month : 9.40%
1 Year : 9.60%
2 Year : 9.65%
3 Year : 9.65%
  • Effective 1st April 2016, Kotak 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. Kotak Bank MCLR rates for different tenors range from 7.90% to 8.70%.
  • 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, Kotak 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, Kotak 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%, Kotak may decide to cut its 6 Month 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 Kotak Bank with that of RBI Repo Rate and MCLR Rate changes of other banks before taking a decision to take a loan from Kotak Bank.
  • MCLR rate can be revised by Kotak Bank every month. However, it is not mandatory for Kotak Bank to revise its rate every month and it may choose to retain the same rate for a longer period keeping them unchanged.

Kotak Bank Home Loan Interest Rate and MCLR

  • Every floating rate loan sanctioned by Kotak 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 Kotak Bank will be repriced periodically depending upon the tenure of the MCLR to which it is linked. So, a home loan linked to 6 Month MCLR rate of Kotak Bank will be repriced every year. Say, you take a loan from Kotak at 6 Month MCLR rate plus 20 bps spread when the 6 Month MCLR rate is 8.45%. This loan will initially be priced at 8.65%. Its next re-pricing will be done one year from now. If the 6 Month MCLR rate after one year increases by 10 bps, the loan will be priced at 8.75% for the next year.

Compare MCLR Rate Movement



    Compare Kotak Bank MLCR Rates with Other Banks

    About Kotak Bank

    • Kotak Bank's registered office is located at Kotak Mahindra Bank Ltd, 27 BKC, C-27 G Block, Bandra Kurla Complex, Bandra (E), Mumbai-400051.
    • Kotak Bank's management is led by its CEO Mr. Uday Kotak.
    • Its current Base Rate is 10.25%, which was last revised on 05th Oct 15.
    Kotak News - Feb 2018
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