ICICI Bank hikes MCLR: How does it compare with other private banks?4 min read . Updated: 09 Jun 2022, 11:19 AM IST
- The MCLR (Marginal Cost of Funds Based Lending Rate) has been raised by leading private sector lender ICICI Bank.
The MCLR (Marginal Cost of Funds Based Lending Rate) has been raised by leading private sector lender ICICI Bank. According to the bank's statement on June 1, 2022, and based on the revision, the bank's overnight and one-month MCLR sits at 7.30 per cent, three-month MCLR stands at 7.35 per cent, six-month MCLR stands at 7.50 per cent, and one-year MCLR is at 7.55 per cent. These rates reflect how a borrower's EMI would be affected. The Reserve Bank of India (RBI) on Wednesday hiked its key policy rate, the Repo rate — the rate at which it lends money to commercial banks by 50 basis points from 4.40 per cent to 4.90 per cent, implying that interest rates on loan products will rise even higher in the near future, making it difficult for borrowers to become debt-free sooner.
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