J&K Bank adopts repo rate based lending rates

Excelsior Correspondent
Srinagar, Oct 15: J&K Bank has adopted RBI Policy Repo Rate as External Benchmark based Lending Rate for all floating rate personal or retail loans (housing, auto etc.) and floating rate loans to Micro and Small enterprises from Oct 1, 2019.
Notably the external Benchmark Rate Linked to RBI policy repo rate (RLLR) has been fixed at 8.60%.
The reset of repo Linked lending rate (RLLR) will be once in three months.
This will benefit the borrowers of the bank availing floating rate loans under housing, auto and MSE sectors.
Meanwhile one year MCLR of the bank has been cut by 5 bps w.e.f 10.10.2019 and has been fixed at 8.65%.