Axis Bank and Kotak Mahindra Bank Hikes MCLR: In order to control Inflation in India, the Central Reserve is continuously increasing its Repo Rate. The last time RBI has increased its repo rate on 30 September 2022. Only after this increase, many banks have increased their MCLR continuously. Recently, the country’s largest public sector bank State Bank of India and private sector bank Kotak Mahindra Bank had increased their MCLR. Now the name of the big private sector bank Axis Bank has also been included in this list. The bank has increased the interest rate based on its marginal cost – Marginal Cost of Lending Rates (MCLR). The new MCLR of the bank has come into effect from 18 November 2022. The bank’s MCLR now ranges from 8.25 per cent to 8.60 per cent. Due to this, now the burden of EMI on the customers will increase.
Know about the new MCLR of Axis Bank-
The MCLR of Axis Bank’s 1-year loan has increased from 8.35 per cent to 8.45 per cent. At the same time, the two-year MCLR has now increased from 8.45 percent to 8.55 percent. After 3 years MCLR, it has increased from 8.50 per cent to 8.60 per cent. Axis Bank’s overnight MCLR has increased from 8.15 per cent to 8.25 per cent. At the same time, the 1-month MCLR has reached 8.25 percent. At the same time, the MCLR for 3 months and 6 months has reached 8.35 percent and 8.40 percent. This new MCLR of the bank will be applicable till the next review.
customers will be affected
Significantly, the decrease or increase in MCLR of any bank will have a direct impact on the customers of the bank. Due to this, loans like home loan, car loan, personal loan will become expensive. In such a situation, after the increase in MCLR of Axis Bank, an increase in the interest rates of home loan, car loan, education loan, personal loan will be recorded. Due to this, the monthly budget of the common people will also deteriorate.
Kotak Mahindra Bank also increased MCLR-
Kotak Mahindra Bank has also revised its MCLR. The bank has decided to cut the 1-year MCLR by 0.20 per cent. After this, the one-year MCLR based loan of the bank has been reduced from 8.75 per cent to 8.55 per cent. Apart from this, the bank has increased the MCLR for all other tenors. The one year MCLR of the bank would have been less and it has reached 8.55 per cent. At the same time, after the increase in overnight MCLR, it has become 7.80 percent. One month MCLR has reached 8.05 percent, 3 months MCLR 8.20 percent, 6 months MCLR has reached 8.40 percent. The 2-year MCLR has increased to 8.85 per cent and the 3-year MCLR has now increased to 9.05 per cent.
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