MCLR - Marginal cost based Lending Rate
Marginal Cost of Funds Based Lending Rate(MCLR) is a new methodology of setting the lending rate by commercial banks. Earlier Base Rate System was used. Base Rate System is the minimum rate set by the Reserve Bank of India below which banks are not allowed to lend to its customers.
MCLR of ICICI Bank ranges from 7.85% to 8.20% depending on the reset frequency of the loan. Rates are revised every month.