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After the loan rate hike, the overnight MCLR has gone up to 9.15% from 9.10%, while the one-month MCLR has moved up to 9.20% from 9.15%. Moreover, the three-year MCLR, on the other hand, has increased to 9.50% from 9.45%.
The bank has increased its marginal cost of fund-based lending rate (MCLR) by up to 10 basis points (bps) on select periods.
Finance Minister Nirmala Sitharaman on Tuesday said the public sector banks (PSB) sanctioned Rs 5.95 lakh crore in just over two months, between March 1 and May 8, to over 46.74 lakh accounts. The borrowers for the sanctioned loans include MSMEs, retailers, farmers and corporate sectors.
ICICI Bank MCLR Rate: Good news for ICICI Bank account holders as India's one of leading private lender has announced Dussehra gift for its customer. The bank has reduced Marginal Cost of Funds based Lending Rate (MCLR) by 10 bps (basis points) for its customers and the changes will be effective from today, i.e October 1, 2019.
Currently, the service is available only for MIUI users where KreditBee is offering loans starting from Rs 1,000-Rs 1,00,000.
The cut in the key lending rate comes on the back of the sharp dip in retail inflation over the past few months. The revised repo rate at 6 per cent is the lowest in six-and-a-half years since November 2010
SBI on Sunday slashed benchmark interest rate across various maturities by 0.9 per cent.
Chandigarh: Launching the Prime Minister's Jan Dhan Yojna in Punjab, Chief Minister Parkash Singh Badal today called upon the bankers to liberally sanction loans at lower interest rates to the poor and economically depressed sections
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