Axis Bank Cuts Base Rate

Axis Bank became the first bank to cut its base rate amid clear signs of softening interest rates despite RBI’s decision to hold rates steady in its last policy review on September 30th.

Read More : <a href="http://www.myloancare.in/bank-base-rates-plr-india/">Cureent Base Rate of all Banks</a>

<a href="http://www.myloancare.in/fixed-deposit-fd-rates-india/">Current Fd Rtaes of Axis Bank</a>

Axis Bank cut its base rate by 10 bps (or 0.10%), equal to one-tenth of a percentage point from 10.25% to 10.15%. Even after this cut, Axis Bank’s base rate at 10.15% is higher than its competitors like SBI, ICICI Bank, Kotak Bank and HDFC Bank, all of which have set their base rate at 10.0%.

Base rate is the lowest rate of interest at which a bank can advance a loan to a customer and is set based on cost of funds for the bank.

For base rates of all banks, refer to Base Rate of all banks in India

The reduction in base rate by Axis Bank will benefit all its existing and new customers who have availed floating rate loans from Axis Bank. Applicable floating rates of interest on Axis Bank home loan, car loan, business loan, loan against property and all other loans will fall by 0.10% from next respective reset cycle (typically quarterly).