You are here: Home » Finance » News » Banks
Retail assets securitisation volumes rise 113% to Rs 33,000 cr in Q1 FY23
Vehicle's FC, permit not renewed; insurer still has to pay compensation: HC
Business Standard

ICICI Bank raises lending rate by 15 bps ahead of RBI MPC meeting

ICICI Bank, the second-largest private sector lender, on Monday raised its lending rates by 0.15 per cent across all tenors in anticipation of a rate hike by the RBI later this week.

Topics
ICICI Bank  | Lending Rates

Press Trust of India  |  New Delhi 



ICICI BANK

ICICI Bank, the second-largest private sector lender, on Monday raised its by 0.15 per cent across all tenors in anticipation of a rate hike by the RBI later this week.

The rates have been increased across all tenors under the marginal cost of funds-based lending rate (MCLR) system, a move that will make EMI expensive for those who availed loans benchmarked against MCLR.

Under the revised rates, effective August 1, the bank's one-year MCLR increased by 15 basis points or 0.15 per cent to 7.90 per cent, while the overnight MCLR rose to 7.65 per cent, as per information posted on the bank's website.

The one-year MCLR is considered important from a retail loans perspective, as a bank's long-term loans like home loans are linked to this rate.

The rate hike comes ahead of the RBI's Monetary Policy Committee (MPC) meeting later this week. It is widely expected that the MPC would hike interest rates to tame high inflation.

Last week, mortgage lender HDFC increased its lending rate by 0.25 per cent.

Indiabulls Housing Ltd (IBHFL) also hiked its reference rates on housing loans and MSME loans by 25 basis points in line with other players.

The new rates will be applicable for new customers from August 1 and for existing borrowers from August 5 onwards.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)


Subscribe to Business Standard Premium

Exclusive Stories, Curated Newsletters, 26 years of Archives, E-paper, and more!

Insightful news, sharp views, newsletters, e-paper, and more! Unlock incisive commentary only on Business Standard.

Download the Business Standard App for latest Business News and Market News .

First Published: Mon, August 01 2022. 14:55 IST

RECOMMENDED FOR YOU

.