Axis Bank has increased its marginal cost of funds based lending rate (MCLR) by 5 basis points (bps) with effect from April 18. The benchmark one-year tenor MLCR will increase to 7.35 per cent. The overnight, one-month, three-month and six-month MCLR has been increased by 0.05 per cent to 7.20%, 7.30% and 7.35%, respectively.
The benchmark one-year tenure MCLR will make consumer loans like personal, auto and home loans costlier among others.
MCLR effective from 18th April 2022
Duration MCLR%
overnight 7.20%
one month 7.20%
three months 7.30%
six months 7.35%
one year 7.40%
two years 7.50%
three years 7.55%
State Bank Of India increased its MCLR by 10 basis points for all periods with effect from April 15.
Another private sector lender, Kotak Mahindra Bank, increased its one-year MCLR by 5 bps to 7.4 per cent with effect from April 16.
Last week, Bank Of BarodaA public sector lender increased its MCLR by 5 basis points with effect from April 12.
Significantly, the Reserve Bank had kept the repo rate unchanged at 4 per cent in its monetary policy last week. However, it is said that the priority will be given to increase in inflation going forward, as geopolitical tensions have fueled a rise in prices around the world.