The largest private sector bank of the country, ICICI has slashed interest rates by 50 to 75 basic points with immediate effect. Now, people can enjoy low interest rates on home and auto loans.

The announcement has come after some public sector and private lenders have taken initiative to reduce interest rates in line with the interest rate cut by the apex bank.
 
Its competitor HDFC bank has already revised interest rate earlier this month. ICICI had not revised the interest rates when the reserve bank tightened the monetary policy following the global financial crisis. HDFC is already giving loan at the cheaper rate as compared to the ICICI bank.

The revised floating reference rate for home and auto loans would be 13.75 per cent and 14.5 per cent respectively. However, fixed rate home loan borrowers will have to pay 16 percent interest rate. The benchmark advance rate is cut by 50 basic points at 16.75 per cent from 17.25 per cent earlier.

The revised interest rates would cover both the existing and new customers of the bank. It would help to reduce EMI burden on the customers of the bank.