The regulatory filing further said that Bank of Baroda’s MCLR rate has been kept unchanged overnight and for one month.
Public sector lender Bank of Baroda raises MCLR rate for fixed term . Bank of Baroda said in a regulatory filing on Monday that it had approved a revision of the Marginal Cost of Funds Based Lending Rate (MCLR) from July 12, 2022. An increase in Bank of Baroda’s MCLR means paying interest on home loans, car loans, and even personal loans from banks more money. The regulatory filing further said that Bank of Baroda’s MCLR rate has been kept unchanged overnight and for one month.
For a period of three months, Bank of Baroda’s MCLR rate has been increased by 10 basis points from 6.25 per cent to 8.35 per cent. Bank of Baroda’s MCLR has been increased by 10 basis points to 6.45 per cent from 6.35 per cent for a period of six months. In addition, Bank of Baroda has increased the MCLR rate of most consumer loans, such as one-year home and personal loans, from 6.50 per cent to 6.75 per cent by 15 basis points.
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According to the Bank of Baroda Regulatory Filing, the MCLR effective from 12 July 2022:
Overnight MCLR: Increased from 7.50 percent to 7.60 percent
One-month MCLR: Increased from 7.55 per cent to 7.75 per cent. Read more: Gold is hugely cheap, lowest in last 9 months, see 10 gram price
According to the bank’s website, Bank of Baroda’s MCLR was last revised on June 12 this year. The Bank of Baroda website states that from July 1, its base rate is 6.15 per cent per annum and the benchmark prime lending rate (BPLR) for all existing accounts is 12.45 per cent per annum.Read more: You can easily earn 4 lakh rupees, understand how to start this business
Bank of Baroda’s MCLR rate hike has made home loans, auto loans and personal loans more expensive, as EMIs will increase. Existing home loan recipients should keep in mind that the EMI will be revised as soon as the reset date of their loan arrives. Bank of Baroda’s equity share price rose 3.64 per cent to close at Tk 109.55 on the BSE on Monday.