ICICI Bank hikes lending rates on consumer loans

India's largest private sector bank ICICI on Saturday hiked its floating reference rate by one per cent for consumer loans, including home loans, with effect from March 31.

It also announced an increase of one per cent in its Benchmark Advance Rate, a release here stated.

The revised FRR will be 12.75 per cent per annum as against 11.75 per cent at present and the revised I-BAR will be 15.75 per cent per annum payable monthly as against 14.75 per cent at present.

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

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 stated.