According to the website of ICICI Bank, overnight, the one-month MCLR rate has been increased from 8.40 per cent to 8.50 per cent.
ICICI Bank Home Loan Rate Hike : The country’s second largest private bank ICICI has increased its Marginal Cost Based Lending Rate (MCLR) by 10 basis points. After which the interest rates of all types of retail loans of the bank will increase. The increase in interest rates has become effective from 1 March i.e. today. After this increase, you will see an increase in your home loan EMI (both EBLR and MCLR). Apart from ICICI Bank, PNB and Bank of India have also increased their MCLR rates from today i.e. March 1.
Lending Rates of ICICI Bank
According to ICICI Bank’s website, the overnight, one-month MCLR rate has been increased from 8.40 per cent to 8.50 per cent. Three months, six months MCLR in ICICI Bank has been increased to 8.55 percent and 8.70 percent respectively. The one-year MCLR has been increased to 8.75 per cent.
Bank’s MCLR became effective from March 1
ICICI Bank EBLR
As per the ICICI Bank website, the ICICI Bank External Benchmark Lending Rate (I-EBLR) has been made with reference to the RBI policy repo rate with a mark-up on the repo rate. I-EBLR is 9.25% papm with effect from September 30, 2022.
RBI policy rate
To deal with inflation, the Reserve Bank of India had increased the repo rate by 25 basis points in its February monetary policy meeting and has increased the repo rate to 6.50 percent. “Repo Rate” or “Policy Repo Rate” means the interest rate published by RBI as Repo Rate or Policy Repo Rate from time to time on RBI website.
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