The overnight, one-month, three-month, and six-month MCLR of Axis Bank have been raised to 7.55 percent, 7.55 percent, 7.65 percent, and 7.70 percent, respectively. Similarly, MCLR for the tenor of one year stands at 7.75 percent, two year at 7.85 percent, and three years at 7.90 percent. These rates will be valid till the next review, stated the Axis Bank website.
Source: Axis Bank website
Axis Bank had last increased MCLR interest rates in April.
A rise in the MCLR will typically result in an increase in interest due by borrowers. The increase in the MCLR will affect existing borrowers’ EMIs when their loan reset dates arrive.