Private sector Axis Bank has cut the marginal cost of fund based lending rate by 0.05 per cent across all tenors, effective tomorrow.
“The bank has decided to reduce the MCLRs (marginal cost lending rate) of the bank by 5 basis points across all tenors. This will be effective from October 18, 2016,” the bank said in a regulatory filing.
For six-month period, the new MCLR will be 9.15 per cent, one year at 9.2 per cent, for two years it will be 9.3 per cent and that for a tenor of three years it is fixed at 9.35 per cent.
The overnight MCLR will be 8.8 per cent.
The new loans will be priced at these internal benchmark MCLRs, it added.
Shares of the bank closed at Rs 518.85 on BSE, down 0.35 per cent from previous level.