The marginal cost of fund based lending rate (MCLR) has been cut by 0.15-0.20% from Friday, the private sector Axis Bank said.
“Axis Bank reviews and reduces the MCLR by 15 basis points (bps) or 0.15 per cent across all tenures up to 1 year and by 20 bps for 2-year and 3-year tenure," it said.
The reports revealed that the new MCLR will be 8.65 per cent for overnight tenure whereas one-month tenure will be 8.70 per cent and those for three and six months will be 8.90 and 9 per cent.
The latest marginal cost lending rate will be 9.05 percent for one year. For two years, the bank will charge interest rate of 9.10 per cent and 9.15 per cent for two years and three years.
‘The new loans will be priced at the revised rates with effect from November 18’, Axis Bank said.