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A two-year wait for cheaper credit may end in the next few weeks as banks across the board are poised to lower lending rates as their hands are being forced by surplus liquidity and low credit demand.

The country's top banks, be it the largest lender State Bank of IndiaBSE -0.04 %, or IDBI BankBSE 0.14 %, or Axis BankBSE -0.23 % in the private banking space, seem to be on the same page now on the direction of interest rates and the need to lower rates to push credit demand. Companies have turned their backs on banks which were reluctant to lower rates. 

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