ICICI Bank, Bank of India, Indiabulls hike rates ahead of MPC meeting

The revised rates for new borrowers range between 7.80 per cent and 8.30 per cent, depending on credit and loan amount

ICICI Bank, Bank of India, Indian Bank, and Indiabulls Housing Finance increased their lending rates on Monday, acting ahead of the monetary policy committee (MPC) meeting scheduled later this week.

ICICI Bank increased its marginal cost of funds based lending rate (MCLR) by 15 basis points across tenors. The overnight and one-month MCLR now stands at 7.65 per cent; three-month MCLR at 7.70 per cent; six-month MCLR at 7.85 per cent; and one-year MCLR by 7.90 per cent.

Bank of India raised its MCLR by 10 basis points across tenors, taking its overnight MCLR to 6.80 per cent; one-month MCLR to 7.30