Axis Bank follows the trend, raises MCLR by 10 basis points to 8.4%

This is the second time during the past two months that Axis Bank has hiked its MCLR

Axis Bank has raised its Marginal Cost of Funds based Lending Rates (MCLR) by ten basis points across the three and six month, one, two and three year categories with one-year MCLR now standing at 8.4 per cent.

The bank followed other private lenders like HDFC Bank and IndusInd Bank in increasing MCLR — indicating a trend.

IndusInd Bank has also raised its MCLR by 15 basis points, bringing its one-year MCLR to 9.10 per cent. The new rates were applicable from 17th February 2018. Earlier this month, HDFC Bank hiked its MCLR by 10 basis points.

This is the second