Axis Bank MCLR
Axis Bank is a leading multinational banking and financial services firm in India. Headquartered in Mumbai, the bank provides exceptional financial products and services to the public making it one of the most customer centric banks in India.
The home loans offered by the bank are designed to meet every customer’s unique requirement.
Marginal Cost of Funds based Lending Rate (MCLR) is defined as the lowest lending rate below which a bank is not allowed to lend. The Reserve Bank of India (RBI) introduced MCLR on 1 April 2016 which replaced the base rate system. Continue reading to check the current MCLR rates offered by Axis Bank.
Current Axis Bank MCLR Rate
Tenor | Axis Bank MCLR Rate |
Overnight | 8.60% |
1 month | 8.60% |
3 months | 8.70% |
6 months | 8.75% |
1 year | 8.80% |
2 years | 8.90% |
3 years | 8.95% |
Axis Bank MCLR Historical Data
Revised Date | Overnight MCLR | 1 Month MCLR | 3 Month MCLR | 6 Month MCLR | 1 Year MCLR | 2 Year MCLR | 3 Year MCLR |
18 July 2023 | 8.90% | 8.90% | 9.00% | 9.05% | 9.10% | 9.20% | 9.25% |
18 July 2022 | 7.80% | 7.80% | 7.90% | 7.95% | 8.00% | 8.10% | 8.15% |
18 June 2022 | 7.75% | 7.75% | 7.85% | 7.90% | 7.95% | 8.05% | 8.10% |
18 April 2022 | 7.20% | 7.20% | 7.30% | 7.35% | 7.40% | 7.50% | 7.55% |
18 January 2022 | 7.15% | 7.15% | 7.25% | 7.30% | 7.35% | 7.45% | 7.50% |
18 November 2021 | 7.15% | 7.15% | 7.25% | 7.30% | 7.35% | 7.45% | 7.50% |
18th January 2021 | 7.20% | 7.20% | 7.30% | 7.35% | 7.40% | 7.50% | 7.55% |
18th December 2020 | 7.25% | 7.25% | 7.35% | 7.40% | 7.45% | 7.55% | 7.60% |
18th November 2020 | 7.25% | 7.25% | 7.35% | 7.40% | 7.45% | 7.55% | 7.60% |
18th September 2020 | 7.30% | 7.30% | 7.40% | 7.45% | 7.50% | 7.60% | 7.65% |
18th August 2020 | 7.35% | 7.35% | 7.45% | 7.50% | 7.55% | 7.65% | 7.70% |
18th July 2020 | 7.45% | 7.45% | 7.55% | 7.60% | 7.65% | 7.75% | 7.80% |
18th June 2020 | 7.55% | 7.55% | 7.65% | 7.70% | 7.75% | 7.85% | 7.90% |
18th May 2020 | 7.55% | 7.55% | 7.70% | 7.75% | 7.80% | 7.90% | 7.95% |
18th April 2020 | 7.60% | 7.60% | 7.80% | 7.90% | 7.95% | 8.05% | 8.10% |
18th March 2020 | 7.75% | 7.75% | 7.95% | 8.05% | 8.10% | 8.20% | 8.25% |
18th February 2020 | 7.80% | 7.80% | 8.00% | 8.10% | 8.15% | 8.25% | 8.30% |
18th January 2020 | 7.80% | 7.80% | 8.00% | 8.10% | 8.15% | 8.25% | 8.30% |
18th December 2019 | 7.80% | 7.80% | 8.00% | 8.10% | 8.15% | 8.25% | 8.30% |
18th November 2019 | 7.90% | 7.90% | 8.10% | 8.20% | 8.25% | 8.35% | 8.40% |
18th October 2019 | 8.00% | 8.00% | 8.20% | 8.30% | 8.35% | 8.45% | 8.50% |
18th September 2019 | 8.10% | 8.10% | 8.30% | 8.40% | 8.45% | 8.55% | 8.60% |
18th Feb, 2019 | 8.50% p.a. | 8.50% p.a. | 8.65% p.a. | 8.80% p.a. | 8.90% p.a. | 9.00% p.a. | 9.05% p.a. |
18th Jan, 2019 | 8.50% p.a. | 8.50% p.a. | 8.65% p.a. | 8.75% p.a. | 8.85% p.a. | 8.95% p.a. | 9.00% p.a. |
How to switch from Axis Bank's Base Rate to MCLR?
The first thing to keep in mind before switching from base rate to MCLR is the cost of transfer. Banks usually charge a borrower for switching from base rate to MCLR. This fee can range from anywhere between Rs.5,000 and Rs.20,000, depending on the bank. If you only have a few more months of EMI to be paid, consider this before planning to switch to MCLR.
The most important aspect to keep in mind before making a switch is the current outstanding balance, EMI and the interest cost on transfer of loan to MCLR. Consider the outstanding amount and calculate the interest payable on that amount in base rate and MCLR to work out which will be the more economical alternative.
If you still manage to save a considerable amount of money after bearing in mind the fees and the new interest rate, it would be a wise decision to switch over to the MCLR system.
Switching from base rate to MCLR in Axis bank involves the following steps.
- Request the bank in writing to switch your home loan from the base rate scheme to MCLR
- After the loan is linked, request the banker to reduce the quantum of your interest. This may include a one-time fee, but the rate of interest payable by you will reduce henceforth
FAQs on Axis Bank MCLR
- Will existing home loan customers who are linked to the FRR//PLR/I-Base based benchmark rate be able to migrate to MCLR?
All existing customers have an option to switch from the existing system to the MCLR system without considerably changing the operative interest rate on the loan. This would effectively be free of charge and will also be provided instantaneously, with immediate effect.
- What is the procedure to change from the FRR//PLR/I-Base based benchmark to MCLR?
Switching from the FRR//PLR/I-Base based benchmark to MCLR in Axis bank involves the following steps.
Request the bank in writing to switch your home loan from the base rate scheme to MCLR
After the loan is linked, request the banker to reduce the quantum of your interest. This may include a one-time fee, but the rate of interest payable by you will reduce henceforth
- Will Axis Bank's MCLR be different from the MCLR that other banks provide?
Every bank has the liberty to set their own MCLR. This is the base rate, below which a bank may not lend. Therefore, it is possible for different banks to have different MCLRs.
- What is Axis Bank's benchmark MCLR for home loans, and what is the reset period on it?
The benchmark MCLR for home loans availed from Axis Bank is the 1 year MCLR rate. The reset period on this will an annual reset. If a loan is partially disbursed and is linked to Base Rate, which benchmark (Base rate OR MCLR)
- Should you choose link your home loan to 6 months or 12 months MCLR?
More often than not, it is advisable to opt for the MCLR with a shorter rest period. This is so because interest rates on loans have been falling constantly over the past few years. However, if one speculates the rates of interest to rise in future, it would be advisable to opt for the MCLR with a longer reset period. In short, if you speculate the interest rates to drop, opt for the 6 months MCLR. Whereas, if you speculate the rates of interest to rise, opt for the 12 month MCLR.
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