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EMI Has Declined

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The country’s largest private bank ICICI Bank (ICICI Bank) has determined to reduce the lending interest rates on the first day of July, giving relief to its customers. ICICI Bank (ICICI Bank Loan Interest Rates) has reduced the loan rates by 0.15 per cent for all periods. This settlement will decrease the EMI of home, auto and personal loans. Let us tell you that many banks have reduced interest rates recently.

ICICI Bank diminished the interest rate on all deposits of less than Rs 50 lakh to 0.25 per cent from 3.25 to 3 per cent last month. At the same time, on deposits of Rs 50 lakh or more, the interest rate has been reduced from 3.75 to 3.50 per cent.State Bank of India has earlier declared a 0.40 per cent reduction in external benchmark linked lending rate (EBR) as well as repo rate linked loan interest rate (RLLR). These new standards have come into effect from 1 July. While the bank has reduced EBR from 7.05 per cent to 6.65 per cent per annum, the interest rate linked to the repo rate has been reduced from 6.65 per cent to 6.25 per cent.

Housing Development Finance Corporation (HDFC) had cut its retail prime lending rate by 20 basis points. After this deduction, this rate has come down to 16.20 per cent. The reduction in this rate will benefit all the existing retail home loan and non-home loan customers of HDFC. Earlier, State Bank of India (SBI) announced the 13th consecutive reduction in MCLR.

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