ICICI Bank has increased its loan interest rates. Today, on June 1, on the first date of the month, the bank has revised its loan interest rates.
The bank has revised its marginal cost-based lending rates (MCLR) for the month of June 2023. Your home loan interest rates are decided on the basis of this. Home loan rates are decided on the basis of MCLR only. ICICI Bank has both cut and increased these rates.
ICICI Bank MCLR Rates
ICICI Bank has reduced the one month MCLR from 8.50% to 8.35%. The three-month MCLR has been reduced by 15 basis points (bps) from 8.55% to 8.40%. The bank has increased the MCLR by 5 bps each to 8.75% and 8.85% for tenors of six months and one year, respectively.
Now these are the new rates
Overnight: Old rate – 8.35 per cent; New rate – 8.35 percent
One month: Old rate – 8.50 per cent; New rate – 8.35 percent
Three months: Old rate – 8.55 per cent; New rate – 8.40 percent
Six months: Old rate – 8.70 per cent; New rate 8.75 percent
One year: Old rate – 8.80 per cent; New rate 8.85 percent
loan will be expensive
ICICI Bank has made the loan costlier. The bank has increased the interest rates linked to the repo rate (external benchmark linked loan interest rates – EBLR). By doing this of the bank, all types of loans including home, auto and personal loans will become expensive. This will directly affect your EMI. The bank has increased it by 10 basis points. These new rates have come into effect from today, June 1.
