ICICI lowers lending rates by 10 bps

Mumbai: The second largest private sector lender ICICI Bank has cut its lending rates by 0.10 per cent across all maturities, sources said on Wednesday. The rates have been cut across all tenors under the marginal cost of funds- based lending rate (MCLR) system, they said.

With this cut, which comes amid repeated RBI nudges to slash rates, the total quantum of rate reduction by the bank since April goes to 0.20 per cent. Under the revised rates, effective September 1, the bank's one-year MCLR will come down to 8.55 per cent, while the overnight MCLR will be 8.30 per cent.

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