Finance

MCLR: ICICI Bank hikes lending rates across tenures

ICICI Bank has hiked its marginal cost of lending rate (MCLR) by 30 basis points across all tenures, its first change in borrowing rate since July 2021. One basis point is 0.01 percentage point.

Rates updated on its website showed that overnight and one month MCLR has been hiked to 7.30% effective June 1 2022.

A bank spokesperson confirmed that the hike is the first in more than a year and the first rate action the bank has taken since it cut its MCLR rate by 5 basis points in July 2021.

The 30 basis point hike means that the three month MCLR is now 7.35%, six month 7.50% and one year MCLR is 7.55%.

comparatively

‘s () three month MCLR is 6.85%, six month MCLR is 7.15% and one year MCLR is 7.20%.

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