After SBI, now Axis Bank hikes MCLR rates. Loan EMIs to go up
Premium- The benchmark one-year tenor MCLR will make consumer loans such as personal, auto and home loans pricey among others
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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.
