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India's leading private sector lender Axis Bank has hiked its Marginal Cost of Funds-based Lending Rates (MCLR) by 5 bps across tenures, according to information on the bank's website. The revised rates on the bank's loans will be in the range of 8.95% to 9.30%.
Banks are required by the Reserve Bank of India's regulations to modify their lending rates monthly in accordance with the marginal cost of funds.
Axis Bank MCLR rates are effective from August 18, according to the bank's official website. With the latest hike in MCLR rates, the overnight and one-month MCLR of Axis Bank now stands at 8.95%. The MCLR for three months is 9.05%, while for six months, the MCLR is 9.10%.
MCLR for one year has been raised to 9.15%. MCLR for two years has jumped to 9.25%. The key lending rates for two and three-year tenure has climbed to 9.25% and 9.30%, respectively.
| Tenor | MCLR % |
|---|---|
| Overnight | 8.95% |
| One month | 8.95% |
| Three months | 9.05% |
| Six months | 9.10% |
| One year | 9.15% |
| One year | 9.25% |
| One year | 9.30% |
Base Rate: 10.15% (w.e.f. 20th June 2023)
The shares of Axis Bank at 12.12 IST were up 0.52% at Rs 914.50 per share on BSE.
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