Karnataka Bank has reduced its marginal cost of funds based lending rate (MCLR) by 5 basis points with effect from October 1, 2016. With this, one year MCLR of the Bank now stands at 9.15% p.a.
The 1 year, 6 month and 3 month MCLR are revised to 9.15% p.a, 9.10 p.a and 9.05 p.a, respectively. Moreover, 1 month and overnight MCLR has also been revised to 9.00% p.a and 8.90% p.a.
Further, the Bank has also reduced the interest rate on housing loan to 9.50% p.a. (for loans up to Rs 3 crore) and Car Loan to 10.25% p.a. for new loans sanctioned on or after 01.10.2016. With this reduction in MCLR, the interest rate on Inland bill discounting (under LC) and Post shipment credit (backed by LC) is now reduced to 9.15% p.a.
Karnataka Bank, a private sector lender engaged in providing a range of banking and financial services, including retail, corporate banking and para-banking activities in addition to treasury and foreign exchange business.
