Axis Bank Cuts Lending Rate

New Delhi: Axis Bank has cut marginal cost of fund-based lending rate (MCLR) by 0.15-0.20
per cent effective Friday.

"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," the private sector lender said in a regulatory filing.

For overnight tenure, the new MCLR will be 8.65 per cent. One-month tenure will attract a rate of 8.70 per cent while those for three and six months will be 8.90 and 9 per cent, respectively.

For one year, the new MCLR will be 9.05 per cent. The bank will levy an interest rate of 9.10 per cent and 9.15 per cent for two years and three years, respectively.

New loans will be priced at the revised rates with effect from November 18, Axis Bank said.

Shares in Axis Bank ended 1.48 per cent lower at Rs 472.05 apiece on the BSE, whose benchmark Sensex index finished down 0.02 per cent.