Be prepared for higher EMIs! ICICI Bank, Bank of India hike lending rates. Details here
ICICI Bank and public lender Bank of India (BOI) have hiked their marginal cost-based lending rates (MCLR). This will result in EMIs linked to MCLR being expensive. As per ICICI ‘s website, and Bank of India’s website, the new interest rates are effective from 1 November 2023.
The benchmark one-year MCLR, is used to price most consumer loans such as auto, personal, and home. After the latest revision, ICICI Bank's overnight, one-month MCLR is 8.50 percent. The three-month, and six-month MCLRs stand at 8.55 percent, and 8.90 percent, respectively.
The one-year MCLR is 9 percent. Overnight 8.50% One Months 8.50% Three Months 8.55% Six Months 8.90% One Year 9.00% After the latest revision, Bank of India's overnight, one-month MCLR now stands at 7.95% and 8.20% respectively.. The three-month, and six-month MCLRs stand at 8.35% percent, and 8.55 percent, respectively.
The one-year MCLR is 8.75%, while the three-year MCLR stands at 8.95% Overnight MCLR 7.95% 1 Month MCLR 8.20% 3 Month MCLR 8.35% 6 Month MCLR 8.55% 1 Year MCLR 8.75% 3 Year MCLR 8.95% What is MCLR RBI implemented MCLR on 1 April 2016. It is the minimum lending rate below which a bank is not permitted to lend. So, MCLR is an internal reference rate for banks to determine the interest they can levy on loans.
The MCLR allows RBI interest rate modifications to be notified to borrowers relatively quickly, with monthly updates to the MCLR. On October 6, the Reserve Bank of India (RBI) Governor Shaktikanta Das announced the Monetary Policy Committee's (MPC) decision to maintain the repo rate for the fourth consecutive time and keep it unchanged at 6.5%. "Exciting news! Mint is now on WhatsApp Channels
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