Axis Bank to cut MCLR by 0.1-0.15% from Saturday

New Delhi: Private sector Axis Bank on Friday announced to cut the MCLR by 0.1-0.15 percent across tenors with effect from tomorrow.

"The bank has reviewed and decided to reduce the MCLRs of the Bank by 10 basis points (0.1 per cent) in the overnight tenor and by 15 bps (0.15 per cent) across all other tenors," Axis Bank said in a regulatory filing.

 Axis Bank to cut MCLR by 0.1-0.15% from Saturday

Axis Bank logo. Reuters

The bank said the cut in Marginal Cost of Lending Rate (MCLR) will be effective from 17 December.

The new loans will be charged at MCLRs ranging from 8.55 percent to 9 percent.

For overnight and one month tenor, MCLR has come down to 8.55 percent; three month 8.75 percent; six month 8.85
percent and that for one year the lending rate will be 8.90 percent.

For two year and three year loan periods, the loans will be charged at 8.95 and 9 percent, respectively.

MCLR-based lending rate came to effect from June this year, replacing the base rate based calculation.

RBI introduced it with the objective of expediting monetary policy transmission along with augmenting uniformity
and transparency in the calculation methodology of lending rates. These rates are revised every month.

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Updated Date: Dec 16, 2016 22:49:21 IST