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Karnataka Bank revises its MCLR and reduces interest rates on its retail schemes

Karnataka Bank has revised its MCLRs and the revised MCLR of various tenors are as below:

Type of MCLR Existing (%) Revised (%)
One year MCLR 8.95 8.95
Six months MCLR 8.55 8.65
Three months MCLR 8.50 8.60
One month MCLR 8.45 8.45
Overnight MCLR 8.40 8.40

The revised MCLR are effective from 01.11.2018. The bank has made upward revision of its 6 Months MCLR and 3 Months MCLR by 10 BPS.

The Bank is now offering housing loan of upto Rs. 75.00 Lakh at an interest rate of 8.70% p.a. (linked to 6 Months MCLR of the Bank).

Further, to have more focus on retail lending, the bank has since reduced its interest rate on Mortgage Loan, KBL-Home Comfort (i.e. top up loans) and KBL-Lease N Cash scheme.

To support women entrepreneurs, the Bank has also reduced the interest rate on its KBL-Mahila Udyog scheme from 10.10% p.a. to 9.90% p.a.