ICICI Bank has diminished its marginal value of funds-based lending rates (MCLR) by 10 foundation factors across tenors with impact from August 1. Post the reduce, EMIs on the loans linked to MCLR will come down giving reduction to the debtors. With the discount in rates, ICICI Bank’s one yr MCLR is 7.45 per cent, and 6 month MCLR is 7.40 per cent.
The MCLR for in a single day and one month tenure is 7.20 per cent and that for 3 month is 7.25 per cent.
Banks typically overview MCLR each month.