ICICI Bank hikes lending rates

New Delhi, Apr 2 (UNI) Laeding private sector bank ICICI Bank Ltd today announced an increase of one per cent in its Floating Reference Rate (FRR) for consumer loans (including home loans) with effect from March 31, 2007.

The revised FRR will be 12.75 per cent per annum as against 11.75 per cent at present.

For existing floating rate customers, the increase in FRR by one per cent will be effective from April 1, 2007.

The existing fixed rate customers whose loans are fully disbursed, will, however, not be impacted by the increase and their contracted rates will remain unchanged, the bank said in a statement.

The bank has also announced an increase of 1 per cent in its Benchmark Advance Rate (I-BAR). The revised I-BAR will be 15.75 per cent per annum payable monthly as against 14.75 per cent at present.

UNI