Axis Bank cuts MCLR for short-term loans by up to 0.10%

New Delhi: Private sector Axis Bank has cut MCLR rates for short-term tenors in the range of 0.05-0.10 percent with effect from Saturday.

"Axis Bank, India's third largest private sector bank, has reviewed and changed MCLRs in the short tenors. The one- year MCLR stands unchanged at 8.25 percent," the bank said in a regulatory filing.

For overnight and one-month lending, the MCLRs are cut by 0.10 percent each to 7.80 percent (each), the bank said in a regulatory filing.

While, loans given for three months will be priced less by 0.05 percent less at 8 percent.

Among others, loan tenors of six months, two years and three years are also unchanged at 8.15 percent, 8.30 percent and 8.35 percent, respectively.

The new loans will be priced at these internal benchmark MCLRs with effect from June 17, 2017, the bank said.

Banks review the MCLR rates every month.

Axis Bank scrip closed 0.38 percent up at Rs 510 on BSE today.