Mumbai: Leading private sector bank in the country, ICICI Bank has hiked its Marginal Cost of Lending Rate (MCLR). The lender hiked the MCLR rate by 20 basis points. So, the interest rate of all loans- home loans, vehicle loans and other loans- will also increase by 20 basis points.
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Here are the tenor-wise ICICI Bank MCLR rate;
Over night: New rate — 7.50%
One Month: Old New rate — 7.50%
Three Month: New rate — 7.55%
Six Month: New rate — 7.70%
One Year: New rate — 7.75%
The External Benchmark Lending Rate (I-EBLR) is fixed at 8.60%. ICICI Bank fixed the I-EBLR rate at 8.60%. ICICI Bank had previously hiked its MCLR rates on June 1.
MCLR is the minimum rate of interest banks are allowed to give out loans to its customers. It is a benchmark interest rate and it dictates the lower limit of the interest rate for a loan.
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