Axis Bank cuts MCLR rate by 0.15-0.20% from Friday

Private lender Axis Bank has cut marginal cost of fund-based lending rate (MCLR) by 0.15-0.20 per cent effective Friday.

"Axis Bank reviews and reduces the MCLR by 15 basis points (bps) or 0.15 per cent across all tenures up to 1 year and by 20 bps for 2-year and 3-year tenure," it said in a regulatory filing.

For overnight tenure, the new MCLR will be 8.65 per cent.

One-month tenure will attract a rate of 8.70 per cent while those for three and six months will be 8.90 and 9 per cent, respectively.

For one year, the new MCLR will be 9.05 per cent. The bank will levy interest rate of 9.10 per cent and 9.15 per cent for two years and three years, respectively.

The new loans will be priced at the revised rates with effect from November 18, Axis Bank said.

The stock closed 1.48 per cent down at Rs 472.05 on BSE.