Country's largest private sector lender ICICI Bank has cut its marginal cost of funds-based lending rate (MCLR) by 0.05 per cent, to take it at par with the rates offered by SBI and HDFC Bank. This will help reduce the rate of interest to new borrowers.Under the new rate structure effective from yesterday, the bank will give out overnight loans to new borrowers at 8.95 per cent, while the one-year MCLR, to which its housing loans are linked, now comes down to 9.15 per cent. RBI introduced the MCLR system from April 1 this year for faster transmission of its policy actions by the lenders.