Axis Bank cuts interest rates on loans by 5 bps

axis-mclrAxis bank has cut its loan interest rate by 5 basis points across all tenures.

With this, the marginal cost of funds-based lending rate for three year loans has been cut to 9.4% and that for 1 year loan, has been cut to 9.25%.

The MCLR for one month is 8.90%. The new rate will be applicable to all new loans of the bank with effect from tomorrow.

MCLR is the new benchmark lending rate at which banks will now lend to new borrowers.

Till 31 March 2016, banks used the base rate as the benchmark rate to lend. The new rate is calculated based on four components— marginal cost of funds, negative carry on account of cash reserve ratio (CRR), operating costs and tenor premium.



After Freecharge, Axis Bank wins virtual POS provider Paynear for its UPI platform Paynear, which helps shopkeepers and businesses to accept card payments without buying a point-of-sale (POS) machine, has tied up with Axis Bank to implement support for UPI or Unified Payment Interface.UPI allows users to send and receive money and make payments using IDs that resemble email addresses (for example, rajesh@icici).Paynear is an Indian...
CASH SWAP: Axis Bank cuts interest rates by 0.15 percentage point Axis Bank, one of India's top two private banks, has cut its lending rates by 0.15 percentage points in the wake of the ongoing currency exchange program.With this, the bank's 'marginal cost-based lending rate' has been reduced to 9.05% for one year and 9.15% for three years.The change will come into effect from Nov 18.This would reduce the month...
Axis Bank adds augmented reality to mobile app Axis Bank said it added an augmented reality-based feature on its Mobile App that will enable home seekers to search and locate properties which are pre-approved by the bank for financing.Jagdeep Mallareddy, Head Retail Lending, Axis Bank, said, “The new augmented reality feature will help users to easily identify any property that is available in their ...
US Federal Reserve likely to raise interest rate in December: Angel Broking Angel Broking said it believes that the US Federal Reserve is likely to raise policy interest rates starting from December this year.The broking house was responding to the latest move by the US central bank to keep rates steady at its last policy decision before next week’s US Presidential election.“The Federal Reserve has kept the interest rate on ...
United Bank of India cuts benchmark interest rates by 5 bps United Bank of India has cut its benchmark interest rate by 5 basis points across all tenures.With this, the marginal cost of funds-based lending rate for one year loan has been cut to 9.4%.The MCLR for one month is 9.25%. The new rate will be applicable to all new loans of the bank with effect from 17th Oct.MCLR is the new benchmark lending rate...
Bank of India hikes base rate by 5 basis points Bank of India said it had revised its base rate from 9.70% to 9.65 %.The revised rate will be in effect from Friday.Base rate is the minimum interest rate that the bank charges. It is not allowed to issue loans below this rate to any of its customers.Bank of India is a commercial bank with headquarters in Mumbai, Maharashtra. Founded in 1906, it ...
The RBI decision as expected, Rajan delivered what he promised: industry The RBI's decision to maintain the policy rates was in expected lines said Smt. Arundhati Bhattacharya, SBI chairman. Appreciating the move by RBI to go into Open Market Operation (OMO) she added that transmission of rates will happen gradually over the next few months as credit growth picks up pace.Dr. Rudra Sensarma, Professor of Economics,IIMK further...
SBI offers discount on home loan EMIs for government servants State Bank of India, the public sector bank, announced a new scheme under which government and defence employees can get several concessions on home loans including a slower interest rate.Under the scheme, government employees will get an interest rate concession of 5 basis points (0.05%) over the Home Loan Card Interest Rate is available wherever check-...
Axis Bank cuts interest rate on loans under the MCLR regime Axis Bank, India's third largest Private Sector bank reduced its lending rate by 15 bps across all tenors."This follows the reduction in Policy rates by RBI on April 5, 2016. The reduced MCLRs will take effect starting April 18thm" the bank said.With this, Axis Bank's marginal cost based lending rates (MCLR) are as follows:New loans will be pri...
Govt to spend Rs 6,500 cr of surplus cash to buy back bonds The government of India has decided to utilize Rs 6,500 cr of surplus cash to buy back bonds that it issued recently.The bonds carry 1.44% interest over and above the wholesale inflation index rate and were due to repurchase only in the year 2023.The government of India has seen a sudden influx of cash as it has not allowed the prices of petrol and d...
Axis Bank cuts base interest rate by 0.35 percentage points to 9.5% Following a steep 0.5 percentage point cut in policy rates by the Reserve Bank of India, Axis Bank -- one of India's largest lenders -- has cut its base interest rate to 9.50% from 9.85%.This will mean lower EMIs for hundreds of thousands of its floating loan customers.The cut is with effect from October 5, 2015."Accordingly, the effective rate a...
L&T Finance unit cuts interest rates L&T Infrastructure Finance Company Ltd - belonging to the engineering conglomerate Larsen & Toubro Ltd (L&T) - reduced its prime lending rate by 0.25% to 15.50% per year effective 15th Sept, the company said."This revised PLR shall be applicable in respect of both existing loans and new disbursals, in accordance with the relevant clauses in t...
IDBI Bank cuts fixed deposit interest rates IDBI Bank has reduced the interest rates on Retail Term Deposit by 40 basis points (0.4 percentage points) on fixed deposits with maturity of more than 6 months and up to 270 days.For maturity periods of over 271 days, it has reduced the interest rates by 25 basis points.Senior citizens would get interest rates that are 0.5 percentage points higher o...
Real Estate sector disappointed with status-quo by RBI Even as many voices said that the Reserve Bank of India is unlikely to cut interest rates further this year, the real estate sector -- though disappointed by today's actions -- is holding out hope that it will do so in coming months.On the RBI's decision not to cut rates during its third monetary review today, the sector was pragmatic. "This policy is on...
Reactions flow in on RBI Monetary Policy The following are reactions from industry experts and analysts on RBI's monetary policy announced today.The central bank did not change key interest rates, which was in line with what the Street had expected.Repo rate remains unchanged at 7.25% and CRR remains unchanged at 4%.Kunal Shah, Fund Manager, Debt at Kotak Mahindra Old Mutual Life In...