Highlights

  • Lending rates across the board rising in-line with RBI move
  • EMI resets happen once annually

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Big hit to EMI: ICICI Bank hikes lending rates sharply

RBI has hiked repo rate by 90 bps over 2 meetings since May 

Time to calculate your EMI as banks raise lending rates sharply matching RBI which is will lead to a sharp hike in EMI outgo. ICICI Bank has hiked the external benchmark lending rate by 50 bps to 8.60%. This is the second hike by ICICI Banks since May 4 after the RBI's surprise hike. The total hike in 2 months now stands at 90 bps.

What is external benchmark lending rate?

External Benchmark Lending Rates (EBLR) are the lending rates set by the banks based on external benchmarks such as repo rate. This is the minimum interest rate at which commercial banks can lend.

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