Karnataka Bank has cut its marginal cost of funds based lending rate (MCLR) of various tenors effective from April 1, 2017. For one year, MCLR rate has been revised to 8.90% (9.15%), six months 8.70% (9.10%), three months 8.55% (9.05%) and one month 8.45% (9%).
Further, the bank has also reduced the interest rate on housing loan to 9% annually and car loan to 9.90% annually, for new loans sanctioned on or after April 1, 2017.
Bank has also reduced interest rates on loans to agricultural activities, MSME, export credit and other schemes. Bank has 765 branches, 1,380 ATMs and 110 e-lobbies across the country, and is aiming for a business turnover of Rs 1,10,000 crore for the current fiscal.
Published 01 April 2017, 18:13 IST