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

Deepthi | Myequity news | Date : 31-10-2018 19:15:00 IST

Karnataka Bank has revised its MCLRs on its various tenors. 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.

About Karnataka Bank Limited :

The Karnataka Bank Limited is a scheduled commercial banking institution based in Mangaluru in Karnataka, India. Karnataka Bank Limited has a network of 814 branches, 1374 ATMs and 160 e-lobbies/mini e-lobbies across 22 states and 2 union territories. It has 8,220 employees and over 9.65 million customers throughout the country. Its shares are privately owned by over 1,46,000 shareholders. In August 2008, Karnataka Bank Limited received the Sun and NDTV Green IT Award. Sun Microsystems and NDTV gave the award to in recognition of the bank's "green policies" and use of earth-friendly technology such as solar power. The bank has the Best Bank Award for "Managing IT Risk" under small bank category for the year 2010-11, instituted by Institute for Development and Research in Banking Technology (IDRBT). Karnataka Bank Limited has adopted Core banking, Internet banking and has established its "MoneyPlant" system across the country.

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