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Axis Bank MCLR Rates, Axis Bank Base Rate – Jul 2021

Axis Bank MCLR Rate

Last Updated 14th Jul 2021

Current MCLR rate of Axis Bank ranges from 7.15% to 7.50% varying by reset frequency of the loan. Axis Bank revises MCLR rates on a monthly basis and benchmark its interest rates for home loan and other loans to MCLR rates of different tenors.

Tenure wise MCLR Axis Bank Rate Today
Overnight 7.15%
1 Month 7.15%
3 Month 7.25%
6 Month 7.30%
1 Year 7.35%
2 Year 7.45%
3 Year 7.50%
Axis Bank Base Rate 9.15%
Apply for Home Loan @ 6.65% *

Axis Bank Interest Rates

Axis Bank offers the following loans to its customer on these rates currently:

Home Loan Interest Rates 6.70% * Floating Detail
Loan Against Property Rates 8.50% * Floating Detail
Personal Loan Interest Rates 10.49% to 16.75% Detail
Car Loan Interest Rates 8.65% to 10.90% Detail
Gold Loan Interest Rates 13.50% to 16.95% Detail
Fixed Deposit Interest Rates 2.50% to 5.75% Detail
Saving Account Interest Rates 3.50% to 4.00% Detail
RD Interest Rates 4.40% to 5.50% Detail

MCLR of Axis Bank

Axis Bank revises its MCLR rate on a monthly basis. Latest MCLR rates of Axis Bank as announced on 18 Jun 2021 are:

  • Overnight MCLR Rate is 7.15%.
  • 1 Month MCLR Rate is 7.15%.
  • 3 Month MCLR Rate is 7.25%.
  • 6 Month MCLR Rate is 7.30%.
  • 1 Year MCLR Rate is 7.35%.
  • 2 Year MCLR Rate is 7.45%.
  • 3 Year MCLR Rate is 7.50%.
  • 5 Year MCLR Rate is 0.00%.

Axis Bank MCLR Rate Trend

Date Axis Bank MCLR
18th Jun 21 Overnight : 7.15%
1 Month : 7.15%
3 Month : 7.25%
6 Month : 7.30%
1 Year : 7.35%
2 Year : 7.45%
3 Year : 7.50%
18th May 21 Overnight : 7.15%
1 Month : 7.15%
3 Month : 7.25%
6 Month : 7.30%
1 Year : 7.35%
17th Apr 21 Overnight : 7.20%
1 Month : 7.20%
3 Month : 7.30%
6 Month : 7.35%
1 Year : 7.40%
2 Year : 7.50%
3 Year : 7.55%
18th Mar 21 Overnight : 7.20%
1 Month : 7.20%
3 Month : 7.30%
6 Month : 7.35%
1 Year : 7.40%
2 Year : 7.50%
3 Year : 7.55%
18th Feb 21 Overnight : 7.20%
1 Month : 7.20%
3 Month : 7.30%
6 Month : 7.35%
1 Year : 7.40%
2 Year : 7.50%
3 Year : 7.55%
15th Jan 21 Overnight : 7.20%
1 Month : 7.20%
3 Month : 7.30%
6 Month : 7.35%
1 Year : 7.40%
2 Year : 7.50%
3 Year : 7.55%
18th Dec 20 Overnight : 7.25%
1 Month : 7.25%
3 Month : 7.35%
6 Month : 7.40%
1 Year : 7.45%
2 Year : 7.55%
3 Year : 7.60%
18th Nov 20 Overnight : 7.25%
1 Month : 7.25%
3 Month : 7.35%
6 Month : 7.40%
1 Year : 7.45%
2 Year : 7.55%
3 Year : 7.60%
18th Sep 20 Overnight : 7.30%
1 Month : 7.30%
3 Month : 7.40%
6 Month : 7.45%
1 Year : 7.50%
2 Year : 7.60%
3 Year : 7.65%
18th Aug 20 Overnight : 7.35%
1 Month : 7.35%
3 Month : 7.45%
6 Month : 7.50%
1 Year : 7.55%
2 Year : 7.65%
3 Year : 7.70%
  • Effective 1st April 2016, Axis Bank has been directed by RBI to fix its loan interest rates benchmarked to MCLR rate which is based on its marginal cost of funds. Earlier, the bank fixed its loan interest rates to Base Rate, which was based on total cost of funds of the bank. Axis Bank MCLR rates for different tenors range from 7.15% to 7.50%.
  • RBI allows banks to set their own MCLR Rate based on their marginal cost of funds which means the cost of raising new funds for the bank. So, Axis Bank decides and announces its MCLR rate regularly based on prescribed formula and policy rate changes by RBI in its monetary policy.
  • Note that the RBI does not decide the MCLR Rate of any bank. RBI only announces the repo rate, which influences the cost of raising new funds for the bank. Banks may or may not decide to change their MCLR rate in response to changes in the repo rate. For instance, Axis Bank may decide to bring a lower cut in their MCLR rate compared to a Repo Rate cut. If RBI cuts the repo rate by 50 basis points or 0.5%, Axis Bank may decide to cut its MCLR rate only by 0.25% based on its internal funding and liquidity position. Hence, it is important to compare the MCLR rate change of Axis Bank with that of RBI Repo Rate and MCLR Rate changes of other banks before taking a decision to take a loan from Axis Bank.
  • MCLR rate can be revised by Axis Bank every month. However, it is not mandatory for Axis Bank to revise its rate every month and it may choose to retain the same rate for a longer period keeping them unchanged.
  • As per the latest regulations given by RBI, with effect from April 1, 2019, all floating interest rates on retail loans are to be linked to external benchmark lending rates. These could be the RBI's repo rate, three-month treasury bill yield, six-month treasury bill yield or other benchmark rate published by the Financial Benchmarks India Pvt Ltd.This was done in view to promote the easier transmission of reduced interest rates to customers, which was not well done when rates were linked to MCLR.

Axis Bank Home Loan Interest Rate and MCLR

  • Every floating rate loan sanctioned by Axis Bank is benchmarked to its MCLR Rate for a particular tenure, say 1 month or 3 month or 6 months.
  • Shorter duration loans such as cash credit, OD facility, personal loans are linked to short tenure MCLR rate while longer duration loans such as home loan, loan against property, vehicle loan are linked to longer duration MCLR rates.
  • The applicable rate of interest on a floating rate loan will consist of two parts - the applicable benchmark rate and the spread or margin above the benchmark.

Compare Axis Bank MCLR Rates with Other Banks

About Axis Bank

  • Axis Bank's registered office is located at Axis Bank Limited, Trishul, 3rd Floor, Opp. Samartheshwar Temple, Law Garden, Ellisbridge, Ahmedabad- 380006.
  • Axis Bank's management is led by its CEO Mr. Amitabh Chaudhry.
  • Its current Base Rate is 9.15%, which was last revised on 03rd Jan 20.

FAQs

What is the MCLR of Axis Bank?

Axis Bank MCLR ranges between 7.15% to 7.50% for a tenure ranging between 1 month to 5 years.

What is the current Axis Bank MCLR rate?

Current Axis Bank, overnight tenure is 7.15%, 1 month mclr is 7.15% , three month mclr is 7.25%, six month mclr is 7.30%, one year tenure is 7.35% and two year tenure is 7.45%.

What is Axis Bank base rate?

Currently, Axis Bank offers loans at a base rate of 9.15%.


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Axis Bank News - Jul 2021
  • 2021-05-20 : Axis Bank revised the marginal cost of lending rates
    With effect from 18 May 2021, Axis Bank revised its MCLR. The overnight and one-month MCLR is 7.15%. The MCLR for three months, six months and one year is 7.15%, 7.25% and 7.30%, respectively. The MCLR rate for long tenors of two years and three years is 7.30% and 7.35%. The revised rates will impact MCLR based home loans.
  • 2021-04-22 : Revised MCLR of Axis Bank
    With effect from 18 April 2021, Axis Bank revised its MCLR. The overnight and one- month MCLR is 7.20%. The MCLR for three months, six months and one year is 7.30%, 7.35% and 7.40%, respectively. The MCLR rate for long tenors of two years and three years is 7.50% and 7.55%.
  • 2021-03-18 : Axis Bank revised MCLR
    With effect from 18 March 2021, Axis Bank revised its MCLR. The overnight and one- month MCLR is 7.20%. The MCLR for three months, six months and one year is 7.30%, 7.35% and 7.40%, respectively. The MCLR rate for long tenors of two years and three years is 7.50% and 7.55%.
  • 2021-01-29 : Revised MCLR for Axis Bank
    With effect from 15 Jan 2021, Axis Bank revised its MCLR. The overnight and one- month MCLR is 7.20%. The MCLR for three months, six months and one year is 7.30%, 7.35% and 7.40%, respectively. The MCLR rate for long tenors of two years and three years is 7.50% and 7.55%.
  • 2020-09-22 : Axis Bank changed its MCLR
    With effect from 18 September 2020, Axis Bank revised its MCLR. The overnight and one- month MCLR is 7.30%. The MCLR for three months, six months and one year is 7.40%, 7.45% and 7.50%, respectively. The lending rate for long tenors of two years and three years is 7.60% and 7.65%.
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