Axis Bank MCLR Rate Hike: India’s leading private sector lender Axis Bank has increased its marginal cost of lending rate (MCLR), the lender said in a notification on Wednesday, May 18. marginal cost of lending rate, or MCLRwhich is a key point in fixing various lending rates, has been increased by 35 basis points, axis Bank stated in its notification. The new rates will be effective from today i.e. May 18, the lender has said. Here, it should be noted that one basis point is equal to one hundredth of a percentage point. This means that the interest on the loan will increase. Axis Bank MCLR Hike.
With the latest hike in MCLR rates, the overnight and one-month MCLR rate of Axis Bank now stands at 7.55 per cent. Earlier it was 7.20 per cent. The MCLR for three months has been increased from 7.30 per cent to 7.65 per cent, while the MCLR rate of Axis Bank has been increased from 7.35 per cent to 7.70 per cent for six months. Similarly, MCLR for one year has been increased from 7.40 per cent to 7.75 per cent. The MCLR for two years has increased from 7.50 per cent to 7.85 per cent. The prime lending rate has been increased from 7.55 per cent to 7.90 per cent for a tenure of three years.
Here is the MCLR as per the Axis Bank website, with effect from May 18, 2022:
Overnight: Old rate – 7.20 percent; New rate – 7.55 percent
One month: Old rate – 7.20 percent; New rate – 7.55 percent
Three months: Old rate – 7.30 per cent; New rate – 7.65 percent
six months: chronic rate – 7.35 percent; New rate 7.70 percent
One year: Old rate – 7.40 percent; New rate 7.75 percent
Two year old rate – 7.50 per cent; New rate 7.85 percent
three-year old rate – 7.55 per cent; New rate 7.90 percent
The hike in the Axis Bank MCLR rate comes two weeks after the Reserve Bank of India raised its repo rate by 40 basis points or 4.40 per cent at the off-cycle monetary policy committee meeting on May 4. This was done to manage rising inflation. Country. Following the hike in repo rates, major private and public sector banks joined in to increase their MCLR.
MCLR or marginal cost of lending rate is a benchmark interest rate, which is the minimum interest rate that banks are allowed to lend to their customers. This rate range is set in stone for the borrowers unless otherwise specified by the Reserve Bank of India. With the increase in MCLR, home and other borrowers of Axis Bank may not be happy as the interest is most likely to rise. The MCLR will continue to rise further as the hike in repo rate has increased the cost of funds for banks.
read all Breaking News , today’s fresh news And IPL 2022 Live Updates Here.