1. You Are At:
  2. English News
  3. Business
  4. ICICI Bank cuts lending rates by 10 bps across tenors

ICICI Bank cuts lending rates by 10 bps across tenors

Post the cut, EMIs on the loans linked to MCLR will come down giving relief to the borrowers.

IANS IANS
Mumbai Published on: August 03, 2020 16:58 IST
ICICI Bank cuts lending rates by 10 bps across tenors
Image Source : FILE

ICICI Bank cuts lending rates by 10 bps across tenors

ICICI Bank has reduced its marginal cost of funds-based lending rates (MCLR) by 10 basis points across tenors with effect from August 1. Post the cut, EMIs on the loans linked to MCLR will come down giving relief to the borrowers. With the reduction in rates, ICICI Bank's one year MCLR is 7.45 per cent, and six month MCLR is 7.40 per cent.

The MCLR for overnight and one month tenure is 7.20 per cent and that for three month is 7.25 per cent.

Banks generally review MCLR every month.

Latest Business News

Fight against Coronavirus: Full coverage

Write a comment

X