ICICI Bank, the country’s largest private sector lender, has reduced its marginal cost of funds–based lending rate (MCLR) by 70 basis points (bps) across all loan tenures.
The bank had fixed its one-year MCLR at 8.20 per cent. It will add a spread of 50 bps to the home loan rates, taking the effective interest rate to 8.70 per cent for loans upto ₹75 lakh. Earlier, the bank was charging 9.15 per cent.
On Sunday, State Bank of India, Punjab National Bank and Union Bank cut their benchmark lending rates.
Kotak Mahindra Bank cut its MCLR in the range of 20 bps to 45 bps. Oriental Bank of Commerce cut its MCLR by 80 bps to 8.6 per cent and Andhra Bank by 80 bps to 8.45 per cent. Dena Bank reduced its one year MCLR by 75 bps to 8.55 per cent.
