All About ICICI Home Loans
August 22,2013: The largest private bank has hiked its base lending rate from 9.75 % to 10 % by 0.25 %. These rates will come into effect from August 23, 2013. As a result, the equated monthly installments for Home Loan, Personal loan and Car Loan will also rise.
ICICI bank has joined other lenders too that have hiked their interest rate in the past. Some of these lenders are Yes Bank, Axis Bank, HDFC bank and Kotak Mahindra Bank.
The reason behind hiking in base rates is the weakening of Indian Rupee with the fast pace. Indian Rupee hit a record of 65.56 low on Thursday. To protect the further weakening of Rupee, RBI has imposed certain measures to reinforce the short term rates and to induce liquidity in the system.
The Mumbai based private lender has also hiked its prime lending rate its FRR (Floating Reference Rate) by 0.25 % for Personal Loans.
These benchmarked rates have been used for demonstrating the interest rates on loans that have been sanctioned up to June 30, 2010.
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