ICICI Bank raised its benchmark lending rate by 50 basis points to 16.25 per cent on 16 August 2010, thereby making home, auto and corporate loans costlier. It increased by 50 basis points its Floating Reference Rate (FRR) for consumer loans (including home loans) from 12.75 per cent to 13.25 per cent. Beginning 1 July 2010, BPLR and FRR by ICICI which were used for determining interest rates on loans and advances up to 30 June 2010 were replaced by ICICI Bank Base Rate (I-Base). I-Base stands at 7.50 per cent and would continue with its current dual rate home loan scheme at existing rates. State Bank of India, the country's largest lender also raised benchmark prime lending rate by 50 basis points (bps) to 12.25 per cent.
ICICI, SBI Raised Benchmark Lending Rate
By Jagranjosh
Mar 14, 2011, 04:51 IST
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