Kotak Bank MCLR Rates, Kotak Bank Base Rate – Feb 2017

Kotak Bank MCLR Rate – Current Rate, Past Trend

Last Updated 16th Feb 2017
8th Feb 2017 – RBI keeps repo rate and other policy interest rates unchanged
Kotak Bank MCLR, Base Rate Tenure
8.05% Overnight
8.10% 1 Month
8.25% 3 Month
8.50% 6 Month
8.85% 1 Year
8.85% 2 Year
8.85% 3 Year
Base rate - 9.30% Past Trend
Current MCLR of Kotak Bank ranges from 8.05% to 8.85% depending on the reset frequency of the loan. Rates are revised every month.
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Kotak Bank Interest Rates
Home Loan Interest Rates 8.75% * Floating Detail
Loan Against Property Rates 10.50% * Floating Detail
Personal Loan Interest Rates 11.50% * Detail
Fixed Deposit Interest Rates 3.50% to 6.75% * Detail

Past Trend MCLR Rate of Kotak Bank

Kotak Bank MCLR Rate History
Revised Date
Overnight MCLR
1 Month MCLR
3 Month MCLR
6 Month MCLR
1 Year MCLR
2 Year MCLR
3 Year MCLR
5 Year MCLR
01st Feb 17
8.05%
8.10%
8.25%
8.50%
8.85%
8.85%
8.85%
-
01st Jan 17
8.20%
8.25%
8.40%
8.65%
9.00%
9.00%
9.00%
-
01st Dec 16
8.60%
8.70%
8.85%
9.05%
9.20%
9.25%
9.25%
-
01st Nov 16
8.60%
8.80%
9.00%
9.20%
9.45%
9.55%
9.55%
-
01st Oct 16
8.70%
8.80%
9.00%
9.20%
9.50%
9.55%
9.55%
-
01st Sep 16
8.70%
8.80%
9.00%
9.25%
9.55%
9.60%
9.60%
-
01st Aug 16
8.75%
8.85%
9.05%
9.30%
9.60%
9.65%
9.65%
-
01st Jul 16
8.90%
8.95%
9.10%
9.35%
9.60%
9.65%
9.65%
-
01st Jun 16
8.90%
9.00%
9.25%
9.40%
9.60%
9.65%
9.65%
-
01st Apr 16
8.90%
9.00%
9.25%
9.40%
9.65%
-
-
-

Kotak Bank MCLR Base Rate Vs. RBI

  • RBI requires banks to set their own MCLR Rate based on their marginal cost of funds. So, Kotak Bank decides its own MCLR Rate from time to time based on prescribed guidelines and formula of RBI
  • Note that the RBI does not decide the MCLR Rate of any bank
  • Effective 1st April 2016, the minimum base rate is determined based on marginal cost of funds and not on overall cost of funds. Kotak Bank has different MCLR base rates ranging from 8.05% to 8.85% for different tenures

Changes in MCLR of Kotak Bank

  • MCLR rate can be revised by Kotak Bank every month
  • Note that 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

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, overnight loans) are linked to shorter duration 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 1 year MCLR rate of Kotak Bank will be repriced every year. Say, you take a loan at 1 year MCLR plus 50 bps spread when the 1 year MCLR is 9.65%. This loan will initially be priced at 10.15%. Its next re-pricing will be one year from now. If the 1 year MCLR rate after one year is 9.4%, the loan will be priced at 9.9% for the next year

Past trend of Kotak Bank Base Rate vs RBI Repo Rate

Date Base Rate
06th Jan 17 9.30%
07th Oct 16 9.40%
04th Oct 16: 0.25% repo cut by RBI
05th Apr 16: 0.25% repo cut by RBI
05th Oct 15 9.50% decreased by 0.25%
29th Sep 15: 0.5% repo cut by RBI
02nd Jul 15 9.75% decreased by 0.1%
02nd Jun 15: 0.25% repo cut by RBI
14th Apr 15 9.85% decreased by 0.15%
04th Mar 15: 0.25% repo cut by RBI
15th Jan 15: 0.25% repo cut by RBI
03rd Feb 14 10.00% increased by 0.25%
28th Jan 14: 0.25% repo hike by RBI
18th Dec 13: 0% repo none by RBI
29th Oct 13: 0.25% repo hike by RBI
20th Sep 13: 0.25% repo hike by RBI
03rd May 13: 0.25% repo cut by RBI
19th Mar 13: 0.25% repo cut by RBI
29th Jan 13: 0.25% repo cut by RBI
26th Apr 12 9.75% decreased by 0.25%
17th Apr 12: 0.5% repo cut by RBI
01st Nov 11 10.00% increased by 0.25%
25th Oct 11: 0.25% repo hike by RBI
16th Sep 11: 0.25% repo hike by RBI
26th Jul 11: 0.5% repo hike by RBI
13th Jul 11 9.50% increased by 0.25%
16th Jun 11: 0.25% repo hike by RBI
10th May 11 9.25% increased by 0.5%
03rd May 11: 0.5% repo hike by RBI
17th Mar 11: 0.25% repo hike by RBI
01st Mar 11 8.75% increased by 0.5%
02nd Feb 11 9.75% increased by 0.25%
25th Jan 11: 0.25% repo hike by RBI
13th Dec 10 8.25% increased by 0.25%
06th Dec 10 8.00% increased by 0.25%
08th Nov 10 7.75% increased by 0.25%
02nd Nov 10: 0.25% repo hike by RBI
01st Oct 10 7.50% increased by 0.25%
16th Sep 10: 0.25% repo hike by RBI
27th Jul 10: 0.25% repo hike by RBI
02nd Jul 10: 0.25% repo hike by RBI
01st Jul 10 7.25%

Kotak Bank Base Rate Vs. RBI Repo Rate Trend

About Kotak Bank

  • Kotak Bank is a Private Bank in India with 684 branches, 1,273 ATM's and 29,000 employees across the country.
  • 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.
  • For the year ended 31st Mar 15, the bank reported Net Interest Income of Rs. 4,224 crs. and Standalone net profit of Rs. 1,866 crs. Kotak Bank reported total deposits of Rs. 74,860 crs and total advances of Rs. 66,160 crs.
  • Kotak Bank's management is led by its CEO Mr. Uday Kotak.
  • Its current Base Rate is 9.30%, which was last revised on 06th Jan 17.
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News - Feb 2017
08th Feb 17 Kotak Mahindra Bank registers a high growth in its mobile channel transactions in December, 2016
Kotak Mahindra Bank has reported a growth of 108 percent in the volume of transactions on its mobile banking application. As per the president of consumer bank, the volume of transactions on its mobile banking platform during the month of December has been Rs. 4,800 crores . The bank also saw a significant growth in its credit card and debit card transactions at 49 and 188 percent respectively.
04th Feb 17 Kotak Mahindra Bank cuts its MCLR by up to 15 basis points
Kotak Mahindra Bank has reduced its overnight and one month marginal cost of lending rates to 8.05 and 8.10 percent respectively as compared to 8.20 and 8.25 percent earlier. The revised six months and one year MCLR now stands at 8.50 and 8.85 percent. The new rates are effective from 1st February, 2017.
01st Feb 17 Kotak Mahindra Bank reduces home loan rate by 35 basis points
Kotak Mahindra Bank has reduced its home loan interest rates for new home loan borrowers. The revised home loan interest rates for salaried employees now stands at 8.75 percent as compared to 9.10 percent earlier. The bank has also reduced home loan interest rates for self employed borrowers by 35 basis points to 8.80 percent. The new rates are effective from 1st February, 2017.
27th Jan 17 Kotak Mahindra Bank registers a growth of 39 percent in its net profit for third quarter of FY17
Kotak Mahindra Bank has reported a growth of 39 percent in its net profit to Rs. 880 crore in third quarter of FY17 as compared to Rs. 635 crore for the corresponding period a year ago. The growth in profit is contributed by a healthy growth in net interest income of the bank and reached to Rs. 1,267 crore during the quarter as compared to Rs. 1,766 crore a year ago.
24th Jan 17 Kotak Mahindra Bank is likely to register a strong growth in net profit during third quarter of FY 17
Analysts at CNBC have forecasted a strong growth in net profit of Kotak Mahindra Bank during the third quarter of FY 17. As per the polls, the bank is likely to see an increase of 27 percent in its net profit to Rs. 808 crore on a year on year basis. Kotak Mahindra Bank is scheduled to announce its Q3 results on 25th January, 2017.
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