Mumbai: Leading private sector bank in the country, Axis Bank hiked the marginal cost of lending rate (MCLR). The MCLR has been increased by 35 basis points. MCLR is a key factor that is taken into account while deciding various interest rates for home loans, car loans and other types of bank borrowings.
Axis Bank MCLR rate has been increased to 7.55% from 7.20%. The rate for three months has been hiked to 7.65% from 7.30%. The MCLR rate for six months has increased from 7.35% to 7.70%. The MCLR for one year has been increased to 7.75% from 7.40% while the rate for two years hiked to 7.85% from 7.50%.
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Earlier, several public and private banks such as HDFC and State Bank of India (SBI), among many others had hiked the lending rate. Banks in the country took this decision as the Reserve Bank of India hiked the repo rate by 40 basis points. Repo rate is the rate at which RBI lends money to other banks.
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