Kotak Mahindra Bank hikes benchmark lending rate by 0.25%

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Kotak Mahindra Bank hikes benchmark lending rate by 0.25%
Kotak Mahindra Bank raised benchmark lending rate by 0.25 per cent to 10 per cent. The hike would make the home, auto, corporate and other loans linked with base rate or the minimum lending rate costlier, reported PTI.

The bank has revised the base rate upwards from 9.75 per cent to 10 per cent with effect from August 13, Kotak Mahindra Bank said in a statement.

"All categories of loans (other than exceptions permitted by RBI) will henceforth be priced with reference to the revised base rate," said the bank.

The private sector bank has also revised its Benchmark Prime Lending Rate (BPLR) upwards by 0.25 per cent.

Dion Global Solutions Ltd.

Story first published: Tuesday, August 13, 2013, 9:10 [IST]
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