MCLR ICICI Bank
Updated as on April 4, 2016
| Benchmark tenure | Benchmark name | Benchmark rate p.a. |
|---|---|---|
| Overnight | I-MCLR-ON | 9.00% |
| One month | I-MCLR-ON | 9.00% |
| Three months | I-MCLR-3M | 9.10% |
| Three months | I-MCLR-6M | 9.15% |
| Three months | I-MCLR-1Y | 9.20% |
Interest rate on all rupee loans sanctioned and credit limits renewed w.e.f. April 1, 2016 will be priced with reference to I-MCLR benchmarks.
The Effective ICICI Home Loan Interest Rates based on MCLR
| ICICI (FLOATING RATE) SALARIED | WOMEN | MEN |
|---|---|---|
| Upto 5 crore | 9.40% | 9.45% |
| Above 5 crore | 9.65% | 9.70% |
| ICICI (FIXED RATE) | ||
| For 2 years, 3 years | ||
| Upto 5 crore | ---- | 9.45% |
| Above 5 crore | ---- | 9.70% |
| For 5 years, 10 years: | ||
| Upto 30 lakhs | 9.40% | 9.45% |
| 30 lakhs - 5 crore | 9.50% | 9.55% - 9.80% |
| Full tenure fixed rate | ||
| Upto 30 lakhs | 9.70% | 9.75% |
| 30 lakhs - 5 crore | 9.80% | 9.85% - 10.10% |
| Above 5 crore | 10.05% | 9.85% - 10.10% |
| WEAKER SECTION BORROWER | ||
| Upto 25 lakhs | ---- | 9.40% |
| ICICI (FLOATING RATE) SELF-EMPLOYED | ||
| Upto 1.5 crore | ---- | 9.55% |
| Above 1.5 crore | ---- | 9.65% to 9.80% |
| (FIXED RATE) | ||
| For 2 years, 3 years | ||
| Upto 1.5 crore | ---- | 9.45% |
| Above 1.5 crore | ---- | 9.55% to 9.70% |
| For 5 years, 10 years: | ||
| Upto 30 lakhs | ---- | 9.45% |
| Above 30 lakhs | ---- | 9.55% to 9.80% |
| Full tenure fixed rate | ||
| Upto 30 lakhs | ---- | 9.75% |
| Above 30 lakhs | ---- | 9.85% to 10.10% |
Source: icicibank.com
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FAQ's
Marginal Cost of funds based Lending Rate (MCLR) is a system of calculating the interest rate on loans
given out by banks. MCLR has been introduced by Reserve Bank of India to make the interest rates on loans
in-sync with the market conditions. Previously, Interest Rate was calculated on Base Rate system.
Interest Rate = MCLR + Spread
We are still in the early stages of the MCLR system and we do not yet know if it is a good idea to switch to this system. The option of switching will only be available to people who have taken a loan before 31st March 2016 as they will continue on Base Rate. All loans taken after 1st April will be automatically given on MCLR.
If you need more information on this, you can read
Base Rate v/s MCLR: Should you switch your home loan to MCLR.