Loans to become more expensive as ICICI Bank and Indian Bank raise lending rates

According to the revised rates, which went into effect on August 1, ICICI Bank's one-year MCLR increased by 15 basis points or 0.15 percent to 7.90 percent

while the overnight MCLR increased to 7.65 percent, according to information posted on the bank's website.

ICICI Bank, the second-largest private sector lender, and state-owned Indian Bank raised lending rates across all tenors on Monday in anticipation of an RBI rate hike later this week.

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