ICICI Bank made loans expensive, increased MCLR by 20 basis points

ICICI Bank made loan expensive

According to the latest interest rates uploaded on the ICICI Bank website, now the interest rates of one night tenor MCLR have increased from 7.30 to 7.50 percent. The interest rates of MCLR for one month tenor have also increased from 7.30 to 7.50 percent.

Private sector ICICI Bank has announced a new increase in the interest rates of MCLR (Marginal Cost of funds based Lending Rate). ICICI Bank (ICICI Bank) This time, the MCLR has increased by 20 basis points i.e. 0.20 percent for different periods. According to the information received from the official website of ICICI Bank, the new interest rates for the loan have been implemented from July 1, 2022. Let us tell you that after the increase in the repo rate by the Reserve Bank of India, all the banks across the country are increasing the interest rates of loans given to the customers. Due to which the burden of EMI falling on the shoulders of the common man is also increasing.

1-year MCLR interest rate increased from 7.55 to 7.75 percent

According to the latest interest rates uploaded on the ICICI Bank website, now the interest rates of one night tenor MCLR have increased from 7.30 to 7.50 percent. The interest rates of MCLR for one month tenor have also increased from 7.30 to 7.50 percent. The interest rates of MCLR with a tenor of 3 months have been increased from 7.35 to 7.55 percent. Apart from this, the interest rates of 6-month MCLR have increased from 7.50 percent to 7.70 percent. At the same time, the interest rates of 1-year MCLR have now increased from 7.55 percent to 7.75 percent.

RBI had increased the repo rate by 0.50 percent on June 8

Let us inform that on June 8 last month, Reserve Bank of India Governor Shaktikanta Das had announced an increase of 50 basis points in the repo rate. After this announcement of RBI, the repo rate was increased by 0.50 percent and it was from 4.40 percent to 4.90 percent. Earlier, the Reserve Bank had increased the repo rate by 0.40 percent on May 4, 2022 itself. After which the repo rate was increased from 4.0 percent to 4.40 percent. Let us tell you that the interest rate at which the Reserve Bank gives money to banks, that interest rate is called Repo Rate.

After the increase in the repo rate by the Reserve Bank, all the banks across the country made loans expensive. Apart from this, banks also increased the interest rates given on deposits to reduce their dependence on the Reserve Bank.