ICICI Bank raises benchmark lending rate for August
ICICI Bank on Tuesday announced an increase of 0.05 percentage points - or five basis points - in the marginal cost of funds-based lending rate (MCLR) for August.
ICICI Bank on Tuesday announced an increase of five basis points — or 0.05 percentage points — in the marginal cost of funds-based lending rate (MCLR) for August. After the revision, effective August 1, the private sector bank's overnight MCLR stands at 8.40 per cent, according to its website.
The move is set to make the lender's loans costlier for the borrowers.
Here's a list of ICICI Bank's marginal cost of funds-based lending rates for different tenures
|
Tenure
|
MCLR |
| Overnight | 8.40% |
| One Months | 8.40% |
| Three Months | 8.45% |
| Six Months | 8.80% |
| One Year |
8.90% |
| Source: icicibank.com |
MCLR is the minimum rate of interest a financial institution needs to charge for certain loans.
(This story will be updated shortly)
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