ICICI Bank And Indian Bank they grew bottom sign With the lending rate hiked by up to 35 basis points, loans became more expensive for borrowers on Tuesday.

With effect from November 1, private sector lender ICICI Bank has raised marginal cost of funds based lending rates ,MCLR) by 20 basis points throughout the term.

The official bank website shows that the one-year MCLR is now 8.30 per cent. Similarly, the six-month MCLR is now 8.25 per cent. While public sector lender Indian Bank increased the MCLR by 35 basis points to 7.40 per cent overnight.

MCLR is assessed by the bank Asset Liability Management Committee (ALCO), and the new rates are in force till November 3, Indian Bank said in a regulatory filing.

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

Given that bank’s long-term loans, such as home loans, are tied to this rate, the one-year MCLR is significant from a retail loan perspective.

Inputs from PTI