ICICI, Indian Bank Hike Benchmark Lending Rates

ICICI Bank and India Bank on Tuesday raised their benchmark lending rate by up to 35 basis points which will make loans costlier for the borrowers.

Private sector lender ICICI Bank increased the Marginal Cost of Funds based Lending Rates across tenure by 20 basis points effective Nov. 1.

The one-year MCLR now stands at 8.30%, as per the information posted on the bank's website.

Similarly, the six-month MCLR is now 8.25%.

Public sector lender Indian Bank raised the overnight MCLR by 35 basis points to 7.40%.

The Asset Liability Management Committee of the bank has reviewed the MCLR and the new rates are effective from Nov. 3, Indian Bank said in a regulatory filing.

The one-year MCLR rate has been increased to 8.10%.

The one-year MCLR is considered important from the retail loans perspective as a bank's long term loans like home loans are linked to this rate.