Categories: Business

icici bank cuts MCLR rates

Photo: FILE

icici bank cuts MCLR rates

new Delhi. ICICI Bank, the country's second largest private sector bank, has given a loan rate relief to its customers. The bank has cut the Marginal cost of funds based lending rate – MCLR by 10 basis points for all periods. After the deduction, EMI will be relaxed on all loans based on MCLR.

The new rates come into effect from August 1. After the deduction, the bank's MCLR has come down to 7.45 per cent for one year. Changes in one-year MCLR rates are important for customers because banks keep most long-term loans such as home loan rates based on one-year MCLR. Apart from this, one month MCLR has been reduced to 7.2 per cent for 3 months, 7.25 per cent for 3 months and 7.4 per cent for 6 months after the deduction.

During the past one month, many banks have cut their MCLR. This includes SBI, HDFC Bank and Union Bank. In the second week of July last month, State Bank of India cut MCLR by 5 to 10 basis points for a short period. Along with this, HDFC Bank had reduced the MCLR by 20 basis points. MCLR declined to 7.45 per cent for one year after the cut. At the same time, Union Bank also cut MCLR by 20 basis points last month.

This post was published on August 3, 2020 6:29 pm

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