Axis Bank has increased its marginal cost of funds-based lending rates by 10 basis points across tenures as of Saturday, as per the information on the bank's website.
The bank's loans will have updated interest rates that fall between 8.70 and 9.50%. The lender increased the MCLR across all tenuresby 5 bps in January.
Banks are required by Reserve Bank of India regulations to reevaluate their lending rates every month in light of the marginal cost of funds.
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