Axis Bank cuts MCLR across all tenors

Axis Bank joins a long list of banks that have reduced their lending rates after RBI cut the repo rate by 35 basis points earlier this month.

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Private sector lender, Axis Bank, announced on Monday that it has cut its marginal cost-based lending rates (MCLR) across all tenors. The bank has cut its one-year MCLR 8.55 percent from 8.65 percent with effect from August 17, 2019.

Axis Bank joins a long list of banks that have reduced their lending rates after the Reserve Bank of India (RBI) cut the repo rate by 35 basis points in its fourth monetary policy review for the calendar year.

Here is a look at Axis Bank's MCLR with effect from August 17.

Tenor MCLR
Overnight 8.20%
One month 8.20%
Three month 8.40%
Six month 8.50%
One year 8.55%
Two year 8.65%
Three year 8.70%
Source: Bank website

Banks that have cut MCLR
RBI has cut the repo rate four times this year adding up to a total of 110 bps. Banks have been taking cue and have been reducing interest rates on loan through the year.

The country's largest lender, State Bank of India (SBI) was the first to announce a 15 bps reduction in MCLR across all tenors within hours of RBI's policy announcement on August 7. IDBI Bank and Oriental Bank of Commerce lowered their rates by 5-10 bps while Bank of Baroda had announced a cut in MCLR by 15 bps on August 5. UCO Bank, Allahabad Bank and Canara Bank have also cut their MCLRs. Central Bank of India, too, announced a cut in its lending rates last week.
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