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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% |
Here are modified MCLR rates:
| MCLR tenure | New MCLR (%) |
| Overnight | 8.35% |
| One month | 8.35% (-10 BPS) |
| three months | 8.55% |
| Six months | 8.9% |
| one year | 9.1% |
| Two years | 9.35% |
| three years | 9.45% |
,Source: Canara Bank)
What is MCLR?
The minimum interest rate for MCLR loan is bank charge. This determines the borrowing rates until the Reserve Bank of India (RBI) is revised.
In 2016, RBI introduced MCLR to ensure appropriate debt pricing.
The borrower will see changes in their EMI with loans associated with MCLR when MCLR has ups and downs. The loan taken before 2016 is still connected to the base rate or benchmark Prime Lending Rate (BPLR).
The impact of RBI’s repo rate cut
This rate deducts follows RBI’s decision to reduce the repo rate from 25 BPS to 6.5%. It was the first rate cut in five years, the aim was to make it cheaper to borrow for homebuilding and businesses.
Borrowers with floating-vet loans should check with their banks about the modified EMI.
Lower MCLR will benefit new borrowers, while existing borrowers may reduce interest costs.
Also read HDFC Bank increases MCLR rate on this term
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