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ICICI Bank Cuts MCLR; Loan EMIs To Get Cheaper

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ICICI Bank recently announced a cut of 10 basis points in its lending rates across tenures under the marginal cost of funds based lending rate (MCLR) system.

ICICI Bank Cuts MCLR; Loan EMIs To Get Cheaper
 

With effect from 1 August, the bank's one-year MCLR will come down to 7.45 percent and the overnight MCLR will be 7.25 percent. One-year MCLR is the basis for a majority of retail products like home loans and will cause the EMI out-go of customers on such loans to fall.

With effect from 1 August, the new MCLR are:

  • Overnight: 7.20 percent
  • One-month: 7.20 percent
  • 3-month: 7.25 percent
  • 6-month: 7.40 percent
  • 1-year: 7.45 percent

Recently, the private lender also revised its interest rates on fixed deposits below Rs 2 crore with effect from 14 July.

Tenure General interest rates Senior citizen interest rates
7 days to 29 days 2.50% 3.00%
30 days to 90 days 3.00% 3.50%
91 days to 184 days 4.10% 4.60%
185 days to 289 days 4.50% 5.00%
290 days to less than 1 year 4.75% 5.25%
1 year to less than 18 months 5.15% 5.65%
18 months days to 3 years 5.35% 5.85%
3 years 1 day to 5 years 5.50% 6.00%
5 years 1 day to 10 years 5.50% 6.30%
Read more about: icici bank mclr
Story first published: Monday, August 3, 2020, 12:33 [IST]
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