Axis Bank Loan Costly: The country’s largest private sector bank i.e. Axis Bank has decided to increase its Marginal Cost of Lending Rates, giving a shock to its customers. The Reserve Bank of India has decided to increase its repo rate for the fourth time in a row on 30 September. This year the repo rate has increased from 4.00% to 5.90%. Due to the continuous increase in the repo rate, the interest rate burden on the borrowers is increasing.
In such a situation, if you are thinking of taking a home loan, car loan, personal loan from Axis Bank this festive season, then you may be shocked. Axis Bank has increased its MCLR by 0.25% on different tenors. After this increase, the bank’s MCLR is in the range of 8.15% to 8.50%. Let us know about the bank’s MCLR on different periods-
Axis Bank Different Tenure MCLR
- Over Night MCLR-8.15%
- 1 Month MCLR-8.15%
- 3 Months MCLR-8.25%
- 6 Months MCLR-8.30%
- 1 year MCLR-8.35%
- 2 year MCLR-8.45%
- 3 Years MCLR-8.50%
What is MCLR?
Let us tell you that the MCLR increased by Axis Bank has been implemented from 18 October 2022. After this increase, customers will have to pay a higher interest rate for loans like home loan, car loan, personal loan. The interest rates offered are on the interest rates offered. According to the MCLR, the interest rates of the loan are decided by the bank. Due to the increase in the repo rate, the bank is also increasing the FD rates and savings account rates continuously. Before Axis Bank, Kotak Mahindra Bank and Federal Bank have also decided to increase their MCLR. The new rates of Kotak Mahindra Bank and Federal Bank have come into effect from 16 October 2022.
Axis Bank also increased FD rates-
Axis Bank FD Rates had decided to increase the interest rates on its fixed deposit schemes of less than 2 crores before MCLR. The bank has increased it by 75 basis points. Since this increase, the bank is offering interest rates ranging from 3.50% to 6.10% to ordinary citizens on FDs of less than Rs 2 crore for a period ranging from 7 days to 10 years. The new rates have come into effect from 14 October 2022.
read this also-