ICICI Bank, India’s largest private sector lender, and HDFC, the country’s largest mortgage lender, on Thursday announced increasing lending rates by 0.25 percentage points from Friday that in turn will make home, vehicle and other consumer loans costlier in similar proportion for both new and existing customers.
The base rate of ICICI Bank is now at 10% from 9.75% earlier. However customer with fixed rate loans will not be impacted by the rate hike.
“The fixed rate customers will not be impacted by the above revision and their contracted rates will remain unchanged,” ICICI Bank said in a statement.
“HDFC has increased its retail prime lending rate (RPLR), on which its adjustable rate home loans (ARHL) is benchmarked, by 0.25%, with effect from August 23, 2013,” HDFC said.