ICICI Bank launches floating retail loans

ICICI Bank, the largest retail lender, today launched floating interest rate loans for purchase of cars, commercial vehicles, construction equipment and professional equipment.

The floating rate for these retail loans would be 50 basis points lower than the respective fixed rates. The floating rate that the Bank is offering is linked to the Floating Reference Rate-FRR, the benchmark used by the Bank for pricing floating rate loans to its retail customers.

ICICI Bank is the first among private sector banks and NBFCs to offer floating rate product to retail loan customers.

N R Narayanan, head- vehicle loans, ICICI Bank said: "It is our constant endeavour to provide customers the best possible options to meet their financing requirements. With floating rate loans we are taking another step in the direction of providing innovative solutions to the customer. We expect floating rate loans to appeal to customers who hold a positive outlook on interest rates ."