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ICICI Bank on Monday hiked its MCLR (marginal cost of funds-based lending rate) by 15 basis points (bps), across loan tenures.
The private sector lender’s MCLR, across overnight to one-year tenure, is now in the range of 7.65 per cent and 7.90 per cent.
ICICI Bank’s external benchmark-linked lending rate, which is linked to the Reserve Bank of India’s repo rate, has been at 8.60 per cent since June 8, when the central bank hiked the key policy rate by 50 bps to 4.90 per cent.
ICICI Bank’s MCLR hike comes amidst a slew of loan rate hikes by lenders across banks and NBFCs, as they expect the RBI to raise the repo rate by up to 50 bps on Friday.
These lenders include Punjab National Bank, Bank of India, Housing Development Finance Corporation, Indiabulls Housing Finance, and Bandhan Bank.
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