ICICI Bank hikes loan rates

ICICI Bank hikes loan rates

Sunday, 01 April 2007, 05:00 Hrs
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Mumbai: India's leading private sector lender ICICI Bank announced a hike in its lending rates for consumer loans including home loans, effective from March 31. The move comes a day after the Reserve Bank of India increased its lending rates.

ICICI Bank has hiked the floating revised rate (FRR) for consumer loans by one percent point to 12.75 percent per annum. The hike will be effective for the existing floating rate customers from April 1, said a statement from ICICI Bank.

Also, for customers whose loans have been completely disbursed, their contracted rates will remain unchanged and hence they will not be affected by the increase.

The bank also hiked its benchmark advance rate, taking it to 15.75 percent per annum payable monthly as against 14.75 at present.

According to industry experts, this move has been taken due to a sudden increase in borrowing costs of the banks.
Source: IANS
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