New Delhi: Axis Bank has cut its marginal cost of funds-based lending rate by 0.05 per cent across all tenors, effective Tuesday.
"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 private sector bank said in a regulatory filing.
For a 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.
New loans will be priced at these internal benchmark MCLRs, it added.
Shares in Axis Bank ended 0.35 per cent lower at Rs 518.85 apiece on the BSE, whose benchmark Sensex index finished down 0.52 per cent.
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