Axis Bank on Friday announced a 65-70 basis points cut in its marginal cost of fund-based lending rate (MCLR) across tenors with effect from January 18.
Following the cut, the private sector bank's one-year MCLR will be 8.25 per cent as against 8.90 per cent now.
India's third largest private sector bank had last month reduced the MCLRs by 10 basis points in the overnight tenor and by 15 basis points across all other tenors.
All rupee loans sanctioned and credit limits renewed by banks with effect from April 1, 2016, are priced with reference to the MCLR, which is the internal benchmark for such purposes.