OPEN APP
Home / Money / After SBI, now Axis Bank hikes MCLR rates. Loan EMIs to go up
Listen to this article

Axis Bank has hiked its Marginal Cost of Funds based Lending Rate (MCLR) by 5 basis points (bps) with effect from 18 April. The benchmark one-year tenor MLCR will rise to 7.35 per cent. The overnight, one-month, three-month and six-month MCLRs have been hiked by 0.05 per cent each to 7.20%, 7.30% and 7.35% respectively.

The benchmark one-year tenor MCLR will make consumer loans such as personal, auto and home loans pricey among others.

MCLRs with effect from 18th April 2022

Tenor MCLR %

Overnight 7.20%

One month 7.20%

Three months 7.30%

Six months 7.35%

One year 7.40%

Two years 7.50%

Three years 7.55%

SBI increased its MCLR by 10 basis points, with effect from April 15, across all tenors. 

Another private sector lender, Kotak Mahindra Bank, increased its one-year MCLR by 5 bps to 7.4 per cent, from April 16.

Last week, Bank of Baroda, a public-sector lender, increased its MCLR by 5 basis points, with effect from April 12.

Notably, the Reserve Bank in its monetary policy last week kept the repo rate unchanged at 4 per cent. However, it is said to prioritise inflation overgrowth going ahead, as the geopolitical tensions have fuelled price rise across the globe.

 

Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.
Close
Recommended For You
×
Edit Profile
Get alerts on WhatsApp
Set Preferences My ReadsFeedbackRedeem a Gift CardLogout