If you have taken home loan or any kind of loan from ICICI Bank, then there is news of relief for you. Because the bank has cut the interest rate, the bank has reduced its marginal cost of funds based lending rate (MCLR) by 10 bps.
Actually, the reduction in MCLR will reduce the EMI of ICICI Bank home loan customers. According to the bank, the new rates have come into effect from August 1. That means customers will have to pay less than this month.
The bank said that along with home loans, all other types of loans have also been cut. In the midst of the Corona crisis, most banks have made other loans, including home loans, cheaper after the repo rate was cut by the RBI.
ICICI Bank’s one-year MCLR has come down to 7.45 percent after the reduction in interest rates by 10 bps. Earlier it was 7.55 percent. Now most banks’ loans are linked to MCLR.
Earlier on July 14, ICICI Bank had scissored the interest rates of fixed deposits. The bank is paying 5.15 percent interest on FD for one year. Interest is paying 5.35 percent on FDs of one and a half years. Whereas FDs above 3 years have an interest rate of 5.50 per cent.
It is worth noting that currently most banks and NBFCs are giving loans at 6.90%. Due to Corona crisis, the country is facing many economic challenges. The government is trying to bring the economy back on track with the help of the banking system.