Ahead of Festive Season ICICI Bank cuts MCLR, Home Loan EMIs to Come Down

Ahead of festive season, ICICI Bank has slashed its Marginal Cost of funds-based Lending Rates (MCLR) by 10 basis points across all tenors. EMIs of loans linked with MCLR will come down from immediate effect for eligible customers.

The new MCLR rates are effective from August 1, 2020. The latest ICICI MCLR rates are:

Last month, Punjab & Sind Bank also revised its Marginal Cost of Funds Based Lending Rate (MCLR) to 7.80% for 1year tenor, 7.70% for six-month, 7.55% for three-month, 7.45% and 7.10% on overnight and one-month respectively. Other banks that slashed lending rates in July were SBI, HDFC, Union Bank of India, Canara Bank and Bank of Maharashtra.

Amidst COVID 19, the lending rates are lowest ever. As a result, Home Loan Interest Rates are starting from as low as 6.45 % p.a.