The country’s largest private sector lender, ICICI Bank, today slashed its benchmark lending rate by 50 basis points to 15.75 per cent, a move that would benefit the bank’s home, auto, consumer and corporate loan borrowers.
The benchmark advance rate (I-BAR) will be reduced by 50 basis points to 15.75 per cent effective from tomorrow, ICICI Bank said in a statement.
The bank has also reduced the floating reference rate (FRR) applicable to floating rate retail loans, including floating rate home loan, by 50 basis points from June 5, it said.
The revised (FRR) will be 12.75 per cent against existing 13.25 per cent, it said.
All the existing floating rate customers to benefit from the cut, the statement added.