Banks follow RBI cut, loan rates inch downward

A host of banks have reduced lending rates in response to the cut by the RBI in its policy in June. While ICICI Bank has cut its marginal cost of lending rate (MCLR) by 10 basis points (100bps = 1percentage point), SBI has brought down home loan rates by introducing a repo-linked housing loan with effect from July 1. ICICI Bank’s MCLR, to which its home loan is tied, now stands at 8.65%.

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