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Kotak MCLR Rate

Current Kotak Mahindra Bank MCLR ranges from 8.50% - 9.50% for different tenures w.e.f 16.01.2024. The MCLR is the minimum rate of interest, below which the bank can not charge for its loans. This rate is determined every month by the bank.

Updated:

MCLR Rate by Top Banks 2024

The Marginal Cost of the Fund-Based Lending Rate (MCLR) is the minimum interest rate that lenders can charge on their loan products. The MCLR affects the lower limit of the MCLR-based loan rate of interest.

Following is the Kotak MCLR and MCLR rates of top banks in India at present:

Bank NameOvernight1 Month3 Months6 Months1 Year2 Years3 Years
Kotak Bank8.50%8.75%8.90%9.20%9.35%9.40%9.50%
Bank of Baroda8.05%8.30%8.40%8.60%8.80%NANA
UCO Bank8.00%8.25%8.40%8.65%8.80%NANA
Yes Bank9.20%9.45%10.00%10.25%10.50%NANA
HDFC Bank8.80%8.80%9.00%9.20%9.25%9.25%9.30%
ICICI Bank8.60%8.60%8.65%9.00%9.10%NANA
SBI8.00%8.20%8.20%8.55%8.65%8.75%8.85%
PNB8.25%8.30%8.40%8.60%8.70%NA9.00%
PSB7.70%7.80%8.30%8.45%8.60%NANA
Axis Bank9.05%9.05%9.15%9.20%9.25%9.35%9.40%
Citibank6.50%6.55%6.75%7.00%6.95%NANA
IndusInd Bank9.05%9.10%9.45%9.85%10.15%10.20%10.20%
IDFC FIRST Bank9.50%9.50%9.75%10.10%10.25%NANA
Bank of India7.95%8.25%8.40%8.60%8.80%NA9.00%
Central Bank of India7.95%8.00%8.35%8.55%8.70%NANA
Federal Bank9.05%9.10%9.15%9.25%8.70%NA9.30%
IDBI Bank7.90%8.05%8.35%8.55%8.60%9.20%9.60%
Indian Overseas Bank8.00%8.20%8.40%8.65%8.80%8.80%8.85%
Canara Bank7.90%8.00%8.15%8.45%8.80% NANA 

You can also check Kotak Mahindra Bank Home Loan Online.

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Kotak Bank MCLR Rate Trend

Below is the Kotak Bank MCLR trend in the year 2024:

Last MCLR Updated Date TenureMCLR
16.01.2024Overnight8.55%
1 Month8.80%
3 Months8.95%
6 Months9.30%
1 Year9.45%
2 Year9.50%
3 Year9.60%
16.07.2023Overnight8.35%
1 Month8.60%
3 Months8.75%
6 Months9%
1 Year9.20%
2 Year9.20%
3 Year9.35%
16.05.2023Overnight8.35%
1 Month8.60%
3 Months8.75%
6 Months9%
1 Year9.20%
2 Year9.20%
3 Year9.35%
16.04.2023Overnight8.25%
1 Month8.50%
3 Months8.65%
6 Months8.90%
1 Year9.10%
2 Year9.10%
3 Year9.25%
16.11.2022Overnight7.80%
1 Month8.05%
3 Months8.20%
6 Months8.40%
1 Year8.55%
2 Year8.85
3 Year9.05%
16.10.2022Overnight7.70%
1 Month7.95%
3 Months8.05%
6 Months8.30%
1 Year8.45%
2 Year8.75%
3 Year8.95%
16.08.2022Overnight7.35%
1 Month7.60%
3 Months7.70%
6 Months7.95%
1 Year8.10%
2 Year8.40%
3 Year8.60%
16.06.2022Overnight 7.10%
1 Month 7.35%
3 Months7.45%
6 Months7.70%
1 Year7.85%
2 Year8.15%
3 Year8.35%
16.05.2022Overnight 7.10%
1 Month 7.35%
3 Months7.45%
6 Months7.70%
1 Year7.85%
2 Year8.15%
3 Year8.35%
16.04.2022Overnight 6.65%
1 Month 6.90%
3 Months6.95%
6 Months7.25%
1 Year7.40%
2 Year7.70%
3 Year7.90%
16.03.2022Overnight 6.60%
1 Month 6.85%
3 Months6.90%
6 Months7.20%
1 Year7.35%
2 Year7.65%
3 Year7.85%
16.01.2022Overnight 6.60%
1 Month 6.85%
3 Months6.90%
6 Months7.20%
1 Year7.25%
2 Year7.65%
3 Year7.85%

 You can also check Kotak Mahindra Bank Loan Against Property Online.

Best Loan against Property in India

Kotak Mahindra Bank Home Loan Interest Rate & MCLR

Kotak Mahindra Bank home loan interest rates sanctioned/renewed on/after 1st October, 2019 will be linked to the Reserve Bank of India (RBI) Policy Repo Rate. However, before that, the interest rates were linked to the MCLR of Kotak Mahindra Bank. Even a slight fluctuation in MCLR used to affect the housing loan rate of interest as well.

Following are the latest home loan interest rates at Kotak Mahindra Bank:

Kotak Mahindra Bank Home Loan Interest Rate 
Floating Category (Repo Rate: 6.50%)
Base Rate: 8.50% 
Type of Customer Effective Rate of Interest
Salaried individuals8.70%
Self-employed 8.75% - 8.95%

You can also check Loan Against Property Interest Rate Online.

Kotak Home Loan Balance Transfer Apply

Kotak MCLR 6 Months

The Marginal Cost of Funds based Lending Rate (K-MCLR) or Kotak 6 month MCLR with effect from January 16, 2024, is 9.30%.

The Kotak Mahindra Bank MCLR is updated every month on the 16th. Even a little change in the MCLR rate can have a significant impact on your home loan interest rate. For that reason, you must check the updated MCLR of the bank every month.

Following is the 6-month Kotak MCLR rate history for the year 2024:

Date of UpdateTenureMCLR
16.01.20246 Months9.30%
16.06.20236 Months9.00%
16.05.20236 Months9.00%
16.04.20236 Months8.90%
16.01.20226 Month7.20%
16.03.20226 Month7.20%
16.04.20226 Month7.25%
16.05.20226 Month7.70%
16.06.20226 Month7.70%
16.08.20226 Month7.95%
16.10.20226 Month8.30%
16.11.20226 Month8.40%

Kotak Bank MCLR History

There has been a constant change in the MCLR of Kotak Bank this year. Following is the Kotak Bank MCLR Rate history for the year 2024:

Last MCLR Updated Date MCLR
16.01.20248.55% - 9.60%
16.06.20238.35% - 9.35%
16.04.20238.35% - 9.35%
16.04.20238.25% - 9.25%
16.11.20227.80% - 9.05%
16.10.20227.70% - 8.95%
16.08.20227.35% - 8.60%
16.06.20227.10% - 8.35%
16.05.20227.10% - 8.35%
16.04.20226.65% - 7.90%
16.03.20226.60% - 7.85%
16.01.20226.60% - 7.85%

You can also Check Loan Against Property Without Income Proof and ITR

Kotak Mahindra Bank MCLR Rate FAQs

What is MCLR rate today?

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The MCLR rate today at Kotak Mahindra Bank varies between 8.50% - 9.50%, depending on the tenure w.e.f 16.01.2024.

What is the current Kotak Bank MCLR rate?

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The current Kotak Bank MCLR is as follows w.e.f 16th Jan 2024.

Overnight1 Month3 Months6 Months1 Year2 Years3 Years
8.55%8.80%8.95%9.30%9.45%9.50%9.60%

What is MCLR Full Form?

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The full form of MCLR is the Marginal Cost of the Fund-Based Lending Rate.

Which is better MCLR or RLLR?

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MCLR full form is Marginal Cost of Funds based Lending Rate is an internal benchmarking wherein the bank sets its rate of interest considering its own cost of funds. Not just the Repo Rate, but other factors like banking system liquidity, low-cost deposits, etc., also affect the interest rate. RLLR full form is and it is an external benchmark linked to the Repo Rate set by RBI. If there is a change in the Repo Rate, it will also affect the loan interest rate. There is greater standardisation and transparency if borrowers get loans linked to RLLR.

Does Repo Rate have any Effect on Lending Rates of Banks?

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Yes. The lending rates linked to Repo Rate get affected due to a change in the Repo Rate set by the RBI. There will be an increase or decrease in the lending rate with an increase or decrease in the Repo Rate.

What is the 7% interest rate in Kotak bank?

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If a customer avails of the ActivMoney feature in the Kotak savings account, it automatically transfers the balance above a threshold in multiples of Rs. 10,000 to a Fixed Deposit of 180 days currently at an interest rate of 7% p.a..
Is MCLR a floating rate?

Is MCLR a floating rate?

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The Kotak Mahindra Bank calculates its MCLR based on different tenure ranges, such as overnight, 1-month, 3-months, 6-months, 1-year, 2-years and 3-years. Each range represents a different period for which the lending rate remains fixed.

What is MCLR example?

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The Marginal Cost of Funds based Lending Rate (MCLR) is the minimum lending rate below which Kotak Mahindra or other banks are not permitted to lend. The lender adds a specific rate to the ongoing MCLR rate to decide the interest rate on lending products. For instance, for a home loan, the interest rate calculation will be 8.55% MCLR + 0.50% spread, i.e. 9.05% p.a.