MCLR rates for short-term tenors in the range of 0.05-0.10 per cent will be cut by private sector Axis Bank with effect from Saturday.
"Axis Bank, India's third largest private sector bank, has reviewed and changed MCLRs in the short tenors. The one-year MCLR stands unchanged at 8.25 per cent", the bank said in a regulatory filing.
For overnight and one-month lending, the MCLRs are cut by 0.10 per cent each to 7.80 per cent (each), the bank said in a regulatory filing.
While, loans given for three months will be priced less by 0.05 per cent less at 8 per cent.
Among others, loan tenors of six months, two years and three years are also unchanged at 8.15 per cent, 8.30 per cent and 8.35 per cent, respectively.
The new loans will be priced at these internal benchmark MCLRs with effect from June 17, 2017, the bank said.
Banks review the MCLR rates every month.
Axis Bank scrip closed 0.38 per cent up at Rs 510 on BSE on Friday.