Mumbai: The country's largest private sector lender, ICICI Bank, on Thursday 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.
ICICI Bank MD and CEO, Chanda Kochhar says, "This cut in the lending rate is applicable to all our existing customers as well so our corporate customers linked to floating rate and our housing loan customers linked to floating rate will all see the benefit of this cut in interest rates."
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