ICICI Bank, one of India’s leading private banks, has announced a reduction in its lending rates. The move is expected to benefit its customers who hold home loans and other types of loans. The reduction in interest rates will lead to a decrease in EMIs and will make loans cheaper for borrowers. Here are the details:
ICICI Home Loan
ICICI Bank has reduced its Marginal Cost of Funds based Lending Rate (MCLR) by 15 basis points (bps) across all tenors. The new rates are effective from June 1, 2019. Here’s how the new rates look like:
– Overnight – 8.25%
– 1 month – 8.30%
– 3 months – 8.40%
– 6 months – 8.75%
– 1 year – 8.85%
Other Loans
Apart from home loans, ICICI Bank has also reduced MCLR for other loans like personal loans, car loans, and education loans, among others. The new rates will make borrowing cheaper for customers who avail these loans.
What Does It Mean for You?
If you are an existing customer of ICICI Bank with a home loan or any other loan, your EMIs will decrease after the reduction in lending rates. If you are planning to take a loan from ICICI Bank, the reduced interest rates will make borrowing cheaper for you.
Other Banks Likely to Follow Suit
ICICI Bank is the first bank to reduce its lending rates after the Reserve Bank of India (RBI) kept the repo rate unchanged in its Monetary Policy Review in April 2019. The move is expected to prompt other banks to reduce their lending rates as well.
In conclusion, the reduction in lending rates by ICICI Bank will benefit its customers and make borrowing cheaper for them. It remains to be seen whether other banks will follow suit and reduce their lending rates as well.
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