MCLR is marginal cost of funds-based lending rate and this reduction in rates means that home loans will get cheaper for those individuals who have taken loans from ICICI Bank.
ICICI Bank reduced the lending rates for:
- overnight and one-month tenors to 8.5% from the previous 8.55%
- three-month tenor to 8.55% from the previous 8.60%
- six-month tenor to 8.7% from the previous 8.75%
- one-year tenor to 8.75% from the previous 8.8%.