Axis Bank increases MCLR on loans

has announced yet another hike in marginal cost-based lending rates of loans. The new MCLR rates will be effective from May 18, 2022.

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.

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