Private sector lender, Kotak Mahindra Bank has announced increase in its prime lending rates. Both base rate as well as benchmark prime lending rate (BPLR) of the bank have seen a 50 basis points rise.

The base rate of the bank now stands at 8.75% with effect from March 1, 2011.

With this rise in rates, all loans including home as well as car loans would see a rise by atleast 50 bps.