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ICICI Bank cuts MCLR by 5 basis points: Home loans to get cheaper

ICICI Bank has cut its marginal cost of funds-based lending rate (MCLR) by five basis points across tenors from its previous benchmark rates.

ET Online|
Updated: Apr 02, 2019, 02.15 PM IST
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ICICI Bank's MCLR benchmarks effective from April 1, 2019.
ICICI Bank has cut its marginal cost of funds-based lending rate (MCLR) by five basis points across tenors from its previous benchmark rates.

ICICI Bank has reduced these lending rates for overnight and one-month tenors to 8.5 percent from the previous 8.55 percent, three-month tenor to 8.55 percent from the previous 8.60, six-month tenor to 8.7 percent from the previous 8.75 percent and one-year tenor to 8.75 percent from the previous 8.8 percent, according to the bank's website.

ICICI Bank's marginal cost of funds-based lending rate (MCLR) benchmarks are effective from 1st of every month. ICICI Bank's MCLR benchmarks effective from April 1, 2019, are provided below:

Benchmark tenure Benchmark name Benchmark rate p.a. (April Month) Benchmark rate p.a. (March Month)
Overnight I-MCLR-ON 8.50% 8.55%
One month I-MCLR-1M 8.50% 8.55%
Three months I-MCLR-3M 8.55% 8.60%
Six months I-MCLR-6M 8.70% 8.75%
One year I-MCLR-1Y 8.75% 8.80%

The interest rate on all rupee loans sanctioned and credit limits renewed w.e.f. April 1, 2016 are priced with reference to I-MCLR benchmarks.

Last month, HDFC Bank has reduced its marginal cost-based lending rate (MCLR) for loans of two- and three-year tenors by 5 basis points to 8.85 percent and 9 percent, respectively. However, it had kept the MCLR for overnight, one month, three months, six months and 1-year tenor loans unchanged at 8.35 percent, 8.4 percent, 8.45 percent, 8.55 percent and 8.75 percent, respectively.

Bank of Baroda too reduced its benchmark lending rate by 0.1 percentage point last month, a move that would make its home, auto and other loans cheaper. The bank reduced its lending rate by 10 basis points across all tenors up to one year. The MCLR for overnight and one-month tenors would be 8.25 percent and 8.30 percent, respectively.

SBI, just four days after the RBI policy, has announced a cut in home loan rates by 0.05 percentage point for loans up to Rs 30 lakh.
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