ICICI Bank has increased its marginal cost-based lending rate (MCLR) by 10 basis points across all tenures. A basis point is equal to 0.01 percent. The increased interest rates come into effect from September 1, 2022.

According to the ICICI Bank website, the overnight, one-month MCLR rate has been increased to 7.75 percent from 7.65 percent. The three-months, six months MCLRs at ICICI Bank have been increased to 7.80 percent, and 7.95 percent, respectively. The one-year MCLR is hiked to 8 percent from 7.90 percent.

Latest ICICI Bank MCLR

Source: ICICI Bank website

Last month ICICI Bank had hiked 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 begun to raise loan interest rates in the last few months. Along with ICICI Bank, , has also revised their MCLR with effect from September1, 2022.

RBI policy hikes

To combat high inflation, the Reserve Bank of India raised its key policy rate, the repo rate, by 50 basis points to 5.4%, the third hike in a row.