ICICI Bank cuts lending rate by 0.7%

This will make home, auto and other loans cheaper

Joining State Bank, PNB and several others, ICICI Bank today also cut the base lending rate by 0.70% making home, auto and other loans cheaper.

The bank has reduced marginal cost of funds based lending rate (MCLR) by 0.7% to 8.20% for 1-year tenure, ICICI Bank said in a statement.

Similar cut has been made effective in other tenures, the bank said.

"The revised MCLR benchmarks effective from January 3," the bank said.

The reduction in interest rate will bring down interest rate on home and other loans linked to one-year MCLR by similar percentage point.

The one-year MCLR of SBI was reduced to 8%