Axis Bank keeps MCLRs unchanged; 1-yr tenor loan at 8.25%

Private sector Axis Bank has decided to keep the marginal cost of fund based lending rates (MCLRs) unchanged for the next monthly cycle beginning tomorrow.
"Axis Bank reviews and retains the MCLRs at the same levels across tenors. The one year MCLR stands unchanged at 8.25 per cent," it said in a regulatory filing.
In other categories, loans with overnight and one month tenor will be priced at 7.9 per cent; 3-month and 6-month tenor loan will bear interest of 8.05 per cent and 8.15 per cent, respectively.
While for two years and three years, the MLCRs stand at 8.3 per cent and 8.35 per cent, respectively.

The new loans will be priced at these benchmark MCLRs with effect from February 18, 2017, Axis Bank said.
Notably, Reserve Bank in its latest monetary held earlier this month kept the key repo rate unchanged at 6.25 per cent.

A lowering in the key policy rate might have prompted banks to cut their benchmark lending rates, now calculated on the basis of marginal cost of funding.
The MCLRs based calculation came to being from mid 2016.
Stock of Axis Bank closed 0.81 per cent down at Rs 489 on BSE.