ICICI Bank has lowered its marginal cost of funds based lending rate (MCLR) by 0.05 percent for taking it par with the rates offered by SBI and HDFC Bank.

New borrowers will be benefited from this reduction of the rate of interest.

The new rate structure is effective from June 1 and under that the bank will be providing overnight loans to new borrowers at 8.95 percent whereas the one-year MCLR to which its housing loans are linked, now comes down to 9.15 percent.

Read EquityPandit’s BankNifty Outlook for this week