ICICI Bank has reduced its marginal cost of funds-based lending rates (MCLR) by 10 basis points across tenors with effect from August 1.
Post the cut, EMIs on the loans linked to MCLR will come down giving relief to the borrowers.
With the reduction in rates, ICICI Bank’s one year MCLR is 7.45 per cent, and six month MCLR is 7.40 per cent.
The MCLR for overnight and one month tenure is 7.20 per cent and that for three month is 7.25 per cent.
Banks generally review MCLR every month.