ICICI, 2 ors raise rates

Home, auto loans to cost more

PRESS TRUST OF INDIA

Mumbai, July 1: Three major lenders, including country's biggest private sector bank ICICI Bank, today announced an increase of 25 basis points, or 0.25 per cent, in lending rates, making auto, home and corporate loans more expensive for borrowers.
 The rate hike will increase the cost for those who had taken advances on floating rate of interest. Besides ICICI Bank, state-owned Indian Overseas Bank and Dena Bank have also announced increase in their lending rates by similar margin.
 The decision to hike lending comes within weeks of the Reserve Bank of India (RBI) increasing in key lending (repo) and borrowing (reverse repo) rates by 25 basis points to tame rising inflation.
 The ICICI Bank has decided to increase its base rate (I-base) by 25 basis points to 9.50 per cent with effect from Monday, the lender said, adding the interest rates on all new loans are being determined with reference to the I-base rate.
 The bank also announced to increase the benchmark prime lending rate by 25 basis points. The decision would impact the customers who had taken loans from the ICICI Bank on floating rate of interest.
 "The fixed rate customers will not be impacted by the ...Increase and their contracted rates will remain unchanged", ICICI Bank said.

Lastupdate on : Fri, 1 Jul 2011 21:30:00 Makkah time
Lastupdate on : Fri, 1 Jul 2011 18:30:00 GMT
Lastupdate on : Sat, 2 Jul 2011 00:00:00 IST



  • del.icio.us
  • StumbleUpon
  • Digg
  • TwitThis
  • Mixx
  • Technorati
  • Facebook
  • NewsVine
  • Reddit
  • Google
  • LinkedIn
  • YahooMyWeb
  • Print News
  • YahooMyWeb

Code Image  Load New Code
Enter the Security code exactly as you see it in the image security code is CaSe SeNsItIvE(Cookies must be enabled)
  • MORE FROM BUSINESS

  • Kashmir

Lull, tourist rush no normalcy: Yasin Malik

GK NEWS NETWORK

Srinagar, July 1: The Chairman of Jammu Kashmir Liberation Front (JKLF) Muhammad Yasin Malik on Saturday said Kashmir issue could not be pushed to backburner as a result of prevailing lull and tourist More


  • Srinagar City

SKIMS road in traffic mess

PATIENTS, ATTENDANTS SUFFER IN GRIDLOCKS TO REACH HOSPITAL

ARSHAD M BHAT

Srinagar, July 1: The tertiary care SK Institute of Medical Sciences, Soura main entrance and its adjacent area presently looks like a busy bus terminal with scores of passenger buses queuing up along More



  • Jammu

'POWER REFLECTS RESPONSIBILITY'

Panchayats Basic Pillars Of Democracy: Omar Abdullah

Billawar (Kathua), July 1: Asserting that power necessarily brings responsibilities with it, Chief Minister Omar Abdullah Friday asked the newly elected Panchayat members to make public service the standard More


  • Briefs

Farewell accorded

Baramulla: The staff of degree college Baramulla accorded farewell to M B Singh, physical director of the college, who attained age of superannuation on June 30. In a statement, the College said, More


  • Business

Industrial revival in Kashmir

Vacate CRPF from Valley’s only watch factory: Industrialists to Govt

MOAZUM MUHAMMAD

Srinagar, July 1: Rubbishing the claims of Centre as well as the state government on support to unit holders in Kashmir to revive sick as well as functional industries, Valley industrialists are now demanding More


  • News

Educate Int’l community about K-issue: Dr Fai to NRKs

Vienna (Austria) July 1:  Executive Director of Kashmiri American Council (KAC), Dr Ghulam Nabi Fai, on Friday said that it was the responsibility of the Non Resident Kashmiris (NRKs) to educate the More


ADD
Designed Developed and Maintaned By Imobisoft Ltd /Algosol Software Solutions