Private sector Kotak Mahindra Bank has revised upward its marginal cost of funds based lending rate for different tenors but reduced the benchmark one-year tenor rate by 20 basis points.
The MCLR (marginal cost of funds based lending rate) linked loan rates for the benchmark one-year tenor, which is used by banks to price most of consumer loans such as auto, home and personal, has been cut to 8.55 per cent from 8.75 per cent.
