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Taking a loan? Rates to now be linked to external benchmark

Thursday, December 6, 2018, 8:19 AM

Banks must set their interest rates for new-loans against an external benchmark beginning 1 April, RBI said, in its latest attempt to bring transparency into loan pricing. The new rule will apply to all new retail loans and small business loans with floating rates. Existing loans will not be affected. Currently, banks price their loans against their marginal cost of funds-based lending rate (MCLR).
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ICICI Bank hikes MCLRs by 10 bps across tenures

Tuesday, December 4, 2018, 11:22 AM

ICICI Bank, the country's third-largest lender by assets, raised its marginal cost of funds-based lending rates (MCLRs) by 10 basis points (bps) across tenures. Its one-year MCLR now stands at 8.8%. MCLRs for other tenures range between 8.55% and 8.75%. The revised rates came into effect on Saturday. One-year MCLRs at ICICI's larger peers SBI and HDFC Bank stand at 8.5% and 8.7%, respectively.

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