Axis Bank cuts MCLR rate by 0.15-0.20% from Friday

Axis Bank says the one-month tenure loans will attract a rate of 8.70% while those for three and six months will be 8.90 and 9%, respectively


The new loans will be priced at the revised rates with effect from 18 November. Photo: Bloomberg
The new loans will be priced at the revised rates with effect from 18 November. Photo: Bloomberg

New Delhi: Private lender Axis Bank has cut marginal cost of fund-based lending rate (MCLR) by 0.15-0.20% effective from Friday.

“Axis Bank reviews and reduces the MCLR by 15 basis points (bps) or 0.15% across all tenures up to 1 year and by 20 bps for 2-year and 3-year tenure,” it said in a regulatory filing.

For overnight tenure, the new MCLR will be 8.65%. One-month tenure will attract a rate of 8.70% while those for three and six months will be 8.90 and 9%, respectively. For one year, the new MCLR will be 9.05%. The bank will levy interest rate of 9.10% and 9.15% for two years and three years, respectively.

The new loans will be priced at the revised rates with effect from 18 November Axis Bank said. The stock closed 1.48% down at Rs472.05 on BSE.

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