The country largest private sector lender, ICICI Bank, today announced a hike of 25 basis points (bps) in its lending rate to 9.5% effective from Monday.
"ICICI Bank has announced an increase of 0.25% in the ICICI Bank base rate (I-Base) with effect from July 4, 2011. The revised rate will be 9.5% per annum," the lender said in a statement.
The hike in base rate will make the bank's new housing, auto and other loans costlier.
The bank also announced an increase of 0.25% in its benchmark prime lending rate and in its Floating Reference Rate (FRR) for consumer loans (including home loans) effective from Monday.
The BPLR is used for determining the interest rates on loans and advances sanctioned up to June 30, 2010.
The fixed rate consumers will not be impacted by the said increase and their contracted rates will remain unchanged, the bank added.
Shares of ICICI Bank closed at Rs 1,094.7 on the Bombay Stock Exchange, up 0.15% from the previous close.
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