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Axis Bank MCLR Rate

Current Axis Bank MCLR rates range from 9.10% - 9.45% for different tenures w.e.f 18.06.2024. The MCLR is the minimum interest rate the bank can charge for loans. This rate is reset every month by the bank.

Updated:

MCLR Rate by Top Banks

The Marginal Cost of the Fund-Based Lending Rate (MCLR) is the minimum rate of interest a bank/financial institution can charge on a loan. MCLR determines the lower limit of the loan interest rate. 

Following are the current Axis Bank MCLR Rate and MCLR rates of top banks in India:

Bank NameOvernight1 Month3 Months6 Months1 Year2 Years3 Years
Axis Bank9.10%9.10%9.20%9.25%9.30%9.40%9.45%
Yes Bank9.20%9.55%10.20%10.45%10.60%NANA
HDFC Bank8.95%8.95%9.10%9.30%9.30%9.35%9.35%
ICICI Bank8.60%8.60%8.65%9.00%9.10%NANA
SBI8.00%8.20%8.20%8.55%8.65%8.75%8.85%
PNB8.25%8.30%8.50%8.70%8.85%NA9.15%
PSB8.00%8.30%8.45%8.75%8.95%NANA
Citibank7.05%7.10%7.25%7.30%7.20%NANA
Bank of Baroda8.10%8.30%8.45%8.65%8.85%NANA
IndusInd Bank10.10%10.15%10.30%10.45%10.45%10.50%10.50%
IDFC FIRST Bank9.80%9.80%10.00%10.30%10.45%NANA
Bank of India8.10%8.40%8.50%8.70%8.90%NA9.10%
Central Bank of India8.00%8.05%8.40%8.60%8.75%NANA
Federal Bank9.45%9.50%9.55%9.65%9.70%NANA
IDBI Bank8.35%8.50%8.80%9.00%9.05%9.60%10.00%
Indian Overseas Bank8.00%8.20%8.40%8.65%8.80%8.80%8.85%
UCO Bank8.10%8.30%8.50%8.70%8.90%NANA
Canara Bank7.90%8.00%8.15%8.45%8.80%NANA
Kotak Bank8.65%8.90%9.05%9.30%9.45%9.50%9.60%
HSBC Bank8.50%8.65%8.80%8.90%8.95%NANA

You can also Apply for an Axis Bank Home Loan and check EMI, Interest rate and Eligibility Online to avail the offer.

Current Axis Bank MCLR Rate 2024

Axis MCLR rate ranges from 9.10% - 9.45% for different tenures with effect from 18th June 2024. These rates will be valid till the next review by the bank. Axis Bank is one the best private sector banks in India that offers a wide range of lending and banking products and services. Like all other banks in India, Axis Bank too has revised its MCLR, which makes lending products cheaper for its customers. Axis Bank MCLR is the minimum interest rate that the bank can charge for a specific loan product. MCLR is set for borrowers unless specified by the bank or otherwise by the Reserve Bank of India (RBI).

Axis Bank revises its MCLR monthly. Below are the current Axis Bank MCLR rates:

  • Overnight: 9.10%
  • 1 Month: 9.10%
  • 3 Months: 9.20%
  • 6 Months: 9.25%
  • 1 Year: 9.30%
  • 2 Years: 9.40%
  • 3 Years: 9.45%

You can also check Loan Against Property Interest Rates Online.

Axis Bank MCLR Rate Trend

Below is the Axis Bank MCLR Rate trend in the year 2024: 

Last MCLR Updated Date TenureMCLR
18 June 2024Overnight 9.10%
1 Month 9.10%
3 Months9.20%
6 Months9.25%
1 Year9.30%
2 Years9.40%
3 Years9.45%
17 March 2024Overnight 9.10%
1 Month 9.10%
3 Months9.20%
6 Months9.25%
1 Year9.30%
2 Years9.40%
3 Years9.45%
17 February 2024Overnight 9.10%
1 Month 9.10%
3 Months9.20%
6 Months9.25%
1 Year9.30%
2 Years9.40%
3 Years9.45%
18 January 2024Overnight 9.05%
1 Month 9.05%
3 Months9.15%
6 Months9.20%
1 Year9.25%
2 Years9.35%
3 Years9.40%
18 March 2023Overnight 8.00%
1 Month 8.10%
3 Months8.20%
6 Months8.40%
1 Year8.50%
2 YearsNA
3 Years8.80%
18 October 2022Overnight 8.15%
1 Month 8.15%
3 Months8.25%
6 Months8.30%
1 Year8.35%
2 Years8.45%
3 Years8.50%
18 August 2022Overnight 7.85%
1 Month 7.85%
3 Months7.95%
6 Months8%
1 Year8.05%
2 Years8.15%
3 Years8.20%
18 July 2022Overnight 7.80%
1 Month 7.80%
3 Months7.60%
6 Months7.90%
1 Year7.95%
2 Years8.10%
3 Years8.15%
18 June 2022Overnight 7.75%
1 Month 7.75%
3 Months7.85%
6 Months7.35%
1 Year7.50%
2 Years8.05%
3 Years8.10%
18 April 2022Overnight 7.20%
1 Month 7.20%
3 Months7.30%
6 Months7.35%
1 Year7.40%
2 Years7.50%
3 Years7.55%
18 January 2022Overnight 7.15%
1 Month 7.15%
3 Months7.25%
6 Months7.30%
1 Year7.35%
2 Years7.45%
3 Years7.50%

Axis Bank Home Loan Interest Rate & MCLR

The above Axis Bank home loan interest rate MCLR are not applicable anymore as the bank charges interest rates based on the current Repo Rate now, which is 6.50%: 

Following are the current Axis Bank home loan interest rates linked to the current Repo Rate.

Applicant TypeTypeRepo Rate + SpreadEffective Rate of Interest
For Salaried IndividualsFloating RateRepo Rate + 2.50% to Repo Rate + 2.90%8.75% - 9.10%
Fixed RateAll Loan Amounts14% p.a.
For Self Employed IndividualsFloating RateRepo Rate + 2.60% to Repo Rate + 2.90%9.10% p.a.
Fixed RateAll Loan Amounts14% p.a.

Compare Best Home Loan Interest Rates from Top Banks.

Axis Bank 1 Year MCLR Rate

Currently, Axis Bank 1 Year MCLR Rate is 9.30% effective from 18th June 2024. This rate will be valid till the next review. The 1-year MCLR rate of the bank is updated every month. Even a minute change in the MCLR rate may have a significant impact on your MCLR-linked Axis Home Loan or other lending products offered by the bank. Hence, make sure you check the updated MCLR rates of the bank every month. A change in MCLR may affect your loan Equated Monthly Instalments (EMIs) as well.

Axis Bank MCLR Rate History

There has been a significant change in the MCLR rates of Axis Bank this year. Following is the Axis Bank MCLR rate history for the year 2024:

Last MCLR Updated Date MCLR
18 June 20249.10% - 9.45%
17 March 20249.10% - 9.45%
17 February 20249.10% - 9.45%
18 January 20249.05% - 9.40%
18 March 20238.00% - 8.80%
18 October 20228.15% - 8.50%
18 August 20227.85% - 8.20%
18 July 20227.80% - 8.15%
18 June 20227.75% - 8.10%
18 April 20227.20% - 7.55%
18 Jan 20227.15% - 7.50%

Axis MCLR Rate FAQs

What is the current Axis Bank MCLR rate?

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The current Axis Bank MCLR rate varies from 9.10% to 9.45% for different tenures with effect from 18.06.2024.

What is Axis Bank Base Rate?

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Currently, the Axis Bank Base Rate is 10.40% w.e.f. 18th June 2024.

Will Axis Bank’s MCLR be different from the MCLR that other banks provide?

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The MCLR rate may differ from one bank to another. Axis Bank decides Axis Bank home loan MCLR interest rate or MCLR rate for other products every month.

What is Axis Bank’s benchmark MCLR for home loans, and what is the reset period on it?

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The benchmark Axis Bank home loan current MCLR rate varies from 9.10% to 9.45%. The MCLR rate of Axis Bank home loan is reset every month by the bank.

What is the procedure to change from the FRR//PLR/I-Base-based benchmark to MCLR?

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You can either switch your FRR//PLR/I-Base-based benchmark to MCLR in the same bank or transfer the loan to another bank.