Axis Bank has reduced its marginal cost of funds based lending rates (MCLRs) by 15 basis points (bps) across all tenors up to one year, and by 20 bps for two-year and three-year tenors. The reduced MCLRs will take effect starting November 18, 2016, the bank said.
New loans will be priced at the published internal benchmark MCLRs with effect from November 18, 2016, the bank said.
Overnight MCLR rate has now been reduced to 8.65% while the one-month MCLR rate now stands at 8.7%. The three- month MCLR has now been revised to 8.9%, and six-month MCLR has been revised to 9%. Revised one-year, two-year and three-year MCLRs have been revised to 9.05%, 9.1% and 9.15%, respectively, the bank added.