Axis Bank Revises Key Lending Rates; EMIs Set To Rise

Axis Bank on Monday became the latest lender to revise the marginal cost of funds-based lending rate or MCLR, the key rate below which a bank cannot lend. Interest rates for different products such as home loan and auto loan are fixed on the basis of upon MCLR. So now, the overnight MCLR of Axis Bank stands revised to 8.10 per cent while for a period of three years, Axis Bank will charge an MCLR of 8.75 per cent. Separately, the bank...