Kotak Mahindra Bank has increased the marginal cost of lending rate (MCLR) by five basis points across all tenors.
According to its website, the new MCLR rates came into effect from April 16.
Following this increase, a majority of loans will become expensive.
The overnight MCLR is now 6.65 per cent while the one year MCLR is 7.4 per cent.
State Bank of India had also recently hiked the MCLR by 10 basis points.
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