ICICI Bank has decided to cut its MCLR by 10 basis points (bps) for loans with tenor of one year to 8.95 per cent. The new rate will be effective from November 1.
This is an outcome of monthly review and not an out-of-turn action. The private-sector lender has reduced MCLR for one-year loans by 25 bps since April. MCLR in April was 9.20 bps for one-year loan.
State Bank of India, too, has decided to cut its MCLR rate for a one-year loan by 15 bps to 8.90 per cent from November. This is part of a monthly review.
