New Delhi: ICICI Bank, which is one of the major private sector banks, again increased the lending rate. The bank raised the marginal cost-based lending rate (MCLR) by 10 basis points. This increase was made for all mandates and came into effect from today, September 1, 2022. This will have a direct impact on interest rates. The bank raised the MCLR for the fourth time in four months. Previously, the bank had also increased it in June, July and August. As of August 1, it had risen by 15 basis points.

According to the ICICI Bank website, the overnight and one-month MCLR rate fell from 7.65% to 7.75%. Similarly, the rate was reduced to Rs 7.80 for three months and 7.95% for six months. The one-year MCLR rate decreased from 7.90% to 8.00%. Last month, the bank raised the MCLR by 15 basis points. After that, the one-year MCLR had reached 7.90%.

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Other banks also made lending expensive
For several months, many banks have made their loans expensive. Along with ICICI Bank, PNB and Bank of Baroda also increased their MCLR from today. To control inflation, the Reserve Bank had raised the repo rate for the third consecutive time. It is believed that this may also be increased in the future.

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What is MCLR
The MCLR is the minimum interest rate at which a bank can lend. This is a system decided by the Reserve Bank. Commercial banks use to fix the interest rate on the loan. On this basis, banks can grant loans at fixed or variable interest rates. The MCLR was introduced by RBI in April 2016.