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| Name of the scheme | 1-year back | Invest now | Fund category | expense ratio |
|---|---|---|---|---|
| Axis Nifty 50 Index Fund | +32.80% | Invest now | Equity: Big Cap | 0.12% |
| Axis Nifty 100 Index Fund | +38.59% | Invest now | Equity: Big Cap | 0.21% |
| Axis Nifty Next 50 Index Fund | +71.83% | Invest now | Equity: Big Cap | 0.25% |
| Axis Nifty 500 Index Fund | , | Invest now | Equity: Flexi Cap | 0.10% |
| Axis Nifty Midcap 50 Index Fund | +46.03% | Invest now | Equity: Mid Cap | 0.28% |
The bank has kept the rates unchanged in all tenure.
Overnight and one month MCLR is 8.20%. The three -month MCLR is 8.55%, and the six -month MCLR is 8.90%. A one -year MCLR, often tied to an auto loan, is set to 9%.
Two- and three-year-old MCLRs are 9.05% and 9.10% respectively.
| Tenure | Revised MCLR (in %) |
| Overnight | 8.2% |
| One month | 8.20% |
| three months | 8.55% |
| Six months | 8.90% |
| one year | 9% |
| Two years | 9.05% |
| three years | 9.10% |
(Source: SBI website)
The MCLR system launched by the Reserve Bank of India in 2016 is aimed at increasing transparency in lending rates and reflects the cost of the bank’s amount. This system allows banks to modify its lending rates more often based on changes in market conditions.
MCLR acts as a benchmark for a variety of loans, including home loans, car loans, and individual loans.
Borrowers with loans associated with MCLR experience change in their monthly installments (EMIs) as resetting rates. These amendments depend on the reset period of the loan, which means that the borrowers can see an increase or decrease in their EMI based on the current MCLR rate and their debt tenure.
For example, with new rates, home loan borrowers and car loan customers can see an increase in their EMI payment as MCLR adjustments are effective.
The final lending rate for an individual borrower, however, will vary depending on several factors such as salary, income level and CIBIL scores. Banks use these factors to assess the credit of the borrower and determine the final interest rate on the loan.
first published: January 16, 2025 12:46 pm First
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