ICICI Bank hikes lending rates by 50 bps

May 06, 2011 |

mumbai

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ICICI

Country's largest private sector lender ICICI Bank on Friday said it has hiked its lending rates by 50 basis points which will make auto, home and other loans from the lender costlier to existing as well as new borrowers.

The revised base rate or the minimum lending rate will be 9.25 per cent from May 7, up from 8.75 per cent now, ICICI Bank said in a statement.

The rate hike comes within days of the Reserve Bank hiking its policy rates by 50 basis points, making cost of funds dearer for commercial banks.

"ICICI Bank has also announced an increase of 0.50 per cent in its benchmark prime lending rate and in its floating reference rate (FRR) for consumer loans (including home loans) with effect from May 7, 2011," it said.

With the hike, the BPLR (applicable for existing borrowers) and the FRR would not stand at 18 per cent and 15 per cent respectively.

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