ICICI Bank and India Bank on Tuesday raised their benchmark lending rate by up to 35 basis points which will make loans costlier for the borrowers.
Private sector lender ICICI Bank increased the Marginal Cost of Funds based Lending Rates (MCLR) across tenure by 20 basis points effective November 1.
The one-year MCLR now stands at 8.30 per cent, as per the information posted on the bank's website.
Similarly, the six-month MCLR is now 8.25 per cent.
Public sector lender Indian Bank raised the overnight MCLR by 35 basis points to 7.40 per cent.
The Asset Liability Management Committee (ALCO) of the bank has reviewed the MCLR and the new rates are effective from November 3, Indian Bank said in a regulatory filing.
The one-year MCLR rate has been increased to 8.10 per cent.
The one-year MCLR is considered important from the retail loans perspective as a bank's long term loans like home loans are linked to this rate.
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