Top News: ICICI Bank cuts lending rate by 0.7%

Joining State Bank , PNB   and several others, ICICI Bank   also cut the base lending rate by 0.70 percent making home, auto and other loans cheaper. 

Free Stock Tips: The bank has reduced marginal cost of funds based lending rate (MCLR) by 0.7 percent to 8.20 percent for 1-year tenure, ICICI Bank said in a statement. 

The reduction in interest rate will bring down interest rate on home and other loans linked to one-year MCLR by similar percentage point. 

The one-year MCLR of SBI was reduced to 8 percent from 8.90 percent yesterday. 

Banks are cutting lending rates after spurt in deposits following demonetisation of old high denomination currency notes of Rs 500/1,000. 

Besides ICICI Bank, other lenders like Kotak Mahindra Bank   , Dena Bank   , Bandhan Bank, Andhra Bank   and Oriental Bank of Commerce   also slashed MCLR. 

Yesterday, SBI, PNB and Union Bank of India had reduced MCLR rate. 

Advertisements