Private sector Axis Bank has decided to keep the marginal cost of fund based lending rates (MCLRs) unchanged for the next monthly cycle beginning tomorrow.
"Axis Bank reviews and retains the MCLRs at the same levels across tenors. The one year MCLR stands unchanged at 8.25 percent," it said in a regulatory filing.
In other categories, loans with overnight and one month tenor will be priced at 7.9 percent; 3-month and 6-month tenor loan will bear interest of 8.05 percent and 8.15 percent, respectively.
While for two years and three years, the MLCRs stand at 8.3 percent and 8.35 percent, respectively.
The new loans will be priced at these benchmark MCLRs with effect from February 18, 2017, Axis Bank said.
Notably, Reserve Bank in its latest monetary held earlier this month kept the key repo rate unchanged at 6.25 percent.
A lowering in the key policy rate might have prompted banks to cut their benchmark lending rates, now calculated on the basis of marginal cost of funding.
The MCLRs based calculation came to being from mid 2016.
Stock of Axis Bank closed 0.81 percent down at Rs 489 on BSE.
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