Karnataka Bank revised upward MCLR for 3, 6, 12 months

Private sector lender Karnataka Bank Tuesday said it has revised upward MCLR by 0.15 per cent to 9.10 per cent for one-year tenor. The revised marginal cost of fund-based lending rate (MCLR) is effective from January 1, 2019, the bank said in a regulatory filing. Among others, six-month and three-month MCLRs are revised upward by 0.10 per cent each to 8.75 per cent and 8.70 per cent, respectively.

One-month and overnight MCLRs were also raised by 0.10 per cent each, the bank said. Karnataka Bank is now offering loan of up to Rs 75 lakh at an interest rate of 8.80 per cent (linked to 6-month MCLR of the bank), it said further.

Another private sector lender Dhanlaxmi Bank said its 1-year MCLR stands at 9.90 per cent, effective from January 1.

(With inputs from agencies.)