ICICI Bank on Tuesday announced an increase of five basis points — or 0.05 percentage points — in the marginal cost of funds-based lending rate (MCLR) for August. After the revision, effective August 1, the private sector bank’s overnight MCLR stands at 8.40 per cent, according to its website.
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The move is set to make the lender’s loans costlier for the borrowers.
Here’s a list of ICICI Bank’s marginal cost of funds-based lending rates for different tenures
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| Tenure | MCLR |
| Overnight | 8.40% |
| One Months | 8.40% |
| Three Months | 8.45% |
| Six Months | 8.80% |
| One Year | 8.90% |
| Source: icicibank.com |
MCLR is the minimum rate of interest a financial institution needs to charge for certain loans.
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