Placeholder canvas

ICICI Bank Cuts Lending Rate to 9.35 Percent

Date:

The country’s largest private sector bank ICICI today slashed its benchmark lending rate by 0.35 percentage point to 9.35 per cent, making its home and auto loans cheaper for borrowers.

The revised rate will be 9.35 per cent as against existing 9.70 per cent effective October 5, ICICI Bank said in a statement.

With effect from July 1, 2010, interest rates on new loans and advances, including consumer loans, are determined with reference to Base Rate or the minimum lending rate, it said.

The bank has reduced interest rates on some bulk deposits of above Rs 1 crore by up to 0.25 per cent.

With the reduction, all loans linked to the base rate would be cheaper by at least 0.35 per cent.

After SBI, the base rate of ICICI Bank and HDFC Bank is the lowest at 9.35 per cent.

Soon after RBI’s rate easing on September 29, the country’s largest lender SBI slashed its base rate by 0.40 per cent to 9.30 per cent.

RBI in its fourth bi-monthly monetary policy review reduced benchmark repo rate from 7.25 per cent to 6.75 per cent, the lowest in four-and-half-years.

Following this, Finance Minister Arun Jaitley had expressed hope that banks will transmit the benefit to borrowers so as to boost investments and the economy.

“We are looking forward now to the transmission of these cuts which will effectively help to boost confidence and investment. They will also help to realize the economy’s medium term potential growth rate,” Jaitley had said.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Share post:

Subscribe

Popular

More like this
Related

Unwarranted, Unacceptable: India On US Remarks On Kejriwal Arrest, Cong’s Frozen Accounts

The MEA during the weekly presser said that India lodged strong objections and protests with a senior official from the US Embassy about comments made by the State Department

Actor Govinda Joins Eknath Shinde’s Shiv Sena Ahead Of Lok Sabha Polls

Mumbai: In a significant development in Maharashtra's political landscape,...

Elections 2024: Legal Cases Against Donald Trump And How It Can Impact His Chances For Presidency

Former President Trump was indicted with charges of overturning the 2020 Presidential election and was indicted on Felony charges and also the violence of January 6 2021 in Washington D.C.

About 80,000 Leaders, Workers From Different Parties Join BJP Ahead Of Lok Sabha Elections

New Delhi: Ahead of the upcoming general elections 2024,...