Axis Bank has reduced its MCLR by 5 basis points across all tenors. With effect from October 18, the overnight MCLR will be 8.80 per cent (8.85 per cent earlier); one-year MCLR will be 9.20 per cent (9.25 per cent); and three-year MCLR will be 9.35 per cent (9.40 per cent).
Interest rate on all rupee loans sanctioned and credit limits renewed by banks with effect from April 1, 2016 are priced with reference to MCLR.