ICICI Bank have increased their marginal cost based lending rate ,MCLR) by 10 basis points across all tenures. One basis point is equal to 0.01 percent. The increased interest rates will be applicable from September 1, 2022.

According to the ICICI Bank website, the one-month MCLR rate has been increased from 7.65 percent to 7.75 percent overnight. The three-month, six-month MCLR in ICICI Bank has been increased to 7.80 per cent and 7.95 per cent respectively. The one-year MCLR has been increased from 7.90 per cent to 8 per cent.

Latest ICICI Bank MCLR

Source: ICICI Bank website

Last month, ICICI Bank had increased the MCLR by 15 bps with effect from August 1, 2022.

Previous ICICI Bank MCLR (One Year)

• August MCLR: 7.90 percent
• July MCLR: 7.75 percent
• June MCLR: 7.55 percent

other banks

Many banks have started raising loan interest rates in the last few months. Along with ICICI Bank, has also revised its MCLR with effect from September 1, 2022.

RBI policy hike

To counter high inflation, the Reserve Bank of India raised its key policy rate, the repo rate, by 50 basis points to 5.4%, the third consecutive increase.