Ahead of festive season, ICICI Bank has slashed its Marginal Cost of funds-based Lending Rates (MCLR) by 10 basis points across all tenors. EMIs of loans linked with MCLR will come down from immediate effect for eligible customers.
The new MCLR rates are effective from August 1, 2020. The latest ICICI MCLR rates are:
| Tenor | MCLR (%) |
Overnight | 7.20 |
1 month | 7.25 |
6 months | 7.40 |
1 year | 7.45 |
Last month, Punjab & Sind Bank also revised its Marginal Cost of Funds Based Lending Rate (MCLR) to 7.80% for 1year tenor, 7.70% for six-month, 7.55% for three-month, 7.45% and 7.10% on overnight and one-month respectively. Other banks that slashed lending rates in July were SBI, HDFC, Union Bank of India, Canara Bank and Bank of Maharashtra.
Amidst COVID 19, the lending rates are lowest ever. As a result, Home Loan Interest Rates are starting from as low as 6.45 % p.a.
Reshma Rawat is a passionate writer with a decade of experience in writing for a variety of domains (finance, technology, lifestyle, e-commerce, real estate, etc.). Currently, she is working as Assistant Manager - Content @MyMoneyMantra and writes blogs & webpages on financial products (loans, credit cards, insurance, government financial policies, mutual funds, etc.).
Director- MyMoneyMantra FinTech| A senior retail and commercial banking professional, adept at handling Business Development, Sales Planning & Growth, Product Strategy, Marketing Operations and Client advisory services phygitally.
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