Private sector ICICI Bank MCLR (Marginal Cost of funds based Lending Rate) Has announced a new increase in interest rates. This time ICICI Bank has increased the MCLR by 20 basis points i.e. 0.20 per cent for different periods. According to information received from ICICI Bank’s official website, the new interest rates for loans have been implemented from July 1, 2022. Let me tell you that after the repo rate hike by the Reserve Bank of India, all the banks across the country are raising the interest rates on loans to customers. Due to which the burden of EMI on the shoulders of common man is also increasing.
The 1-year MCLR interest rate rose to 7.75 per cent from 7.55 per cent
According to the latest interest rates uploaded on ICICI Bank’s website, one-night MCLR interest rates have now risen from 7.30 per cent to 7.50 per cent. The interest rate on MCLR for a period of one month has also gone up from 7.30 per cent to 7.50 per cent. The interest rate on 3-month MCLR has been increased from 7.35 to 7.55 per cent. Apart from this, the interest rate on 6-month MCLR has gone up from 7.50 per cent to 7.70 per cent. At the same time, interest rates on 1-year MCLRs have risen from 7.55 per cent to 7.75 per cent.
The RBI had on June 8 hiked the repo rate by 0.50 per cent
It may be recalled that on June 8 last month, Reserve Bank of India Governor Shaktikant Das announced an increase of 50 basis points in the repo rate. Following the RBI’s announcement, the repo rate was hiked by 0.50 per cent to 4.90 per cent from 4.40 per cent. Earlier, the RBI had hiked the repo rate by 0.40 per cent on May 4, 2022. After which the repo rate was increased from 4.0 per cent to 4.40 per cent. Let me tell you that the interest rate at which the Reserve Bank gives money to banks is called the repo rate.
Banks across the country have made loans more expensive after the Reserve Bank raised the repo rate. Apart from this, banks also increased interest rates on deposits to reduce their reliance on the Reserve Bank.
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