Standard lending rates of ICICI Bank and Bank of India; real estate news; ET RealEstate | Techno Glob

ICICI Bank and Bank of India increase benchmark rates.New Delhi: ICICI Bank and Bank of India on Tuesday raised their benchmark lending by 35 basis points, which will make borrowing costs higher for borrowers.

Private sector lender ICICI Bank has hiked maturity funds-based lending rates (MCLR) by 20 basis points with effect from November 1.

The one-year MCLR is now 8.30 percent, according to data posted on the bank’s website.

Similarly, The six-month MCLR is now 8.25 percent.

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

Bank of India’s Asset Liability Management Committee (ALCO) has reviewed the MCLR and the new rates are effective from November 3, Bank of India said in a regulatory release.

One year MCLR rate has been increased to 8.10 percent.

One year MCLR is considered important from the point of view of retail loans as the bank’s long-term loans like home loans are linked to this rate.

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