Business Standard

Axis Bank hikes MCLR by 5 bps across tenors, follows other lenders

Banks change lending policy to keep up with monetary policy committee's raising repo rate

Axis Bank
Premium

The private lender revised its lending rate after the central bank’s monetary policy committee (MPC) on August 5 increased benchmark policy rates by 50 bps earlier this month

Subrata Panda Mumbai
Axis Bank has increased its marginal cost of funds-based lending rate (MCLR) by 5 basis points (bps) across tenors from August 18.

The private lender revised its lending rate after the central bank’s monetary policy committee (MPC) on August 5 increased benchmark policy rates by 50 bps earlier this month, taking the repo rate to 5.40.

According to Axis’s website, overnight and one-month MCLR stand at 7.85 per cent; three-month MCLR is at 7.95 per cent; six-month at 8 per cent; one-year at 8.05 per cent; two-year at 8.15 per cent; and three-year at 8.20 per cent.

Earlier this week,

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Aug 18 2022 | 10:51 PM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com