Rate Cuts by Major Banks

03/03/2017 , by , in News/Views

Following similar moves by all the major players in the system due to high liquidity post demonetisation, Axis Bank cut its interest offering by up to 0.70 per cent. It cut its marginal cost of funds based lending rate (MCLR) for one year tenure– which serves as the benchmark for a slew of loans including home loans–by 0.65 per cent to 8.25 per cent, it said in a statement.The new rates, decided by the bank’s asset liability committee which met today, are effective from January 18.

Similarly, Sundaram BNP Pribas Home Finance announced a cut in its interest rates for new home loans to 8.70% from 9.20%, effective January 10, 2017.Citi India also announced that it will reduce its home loan rate to 8.80 percent from 9.50 percent, effective January 9, 2017.

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