Bank of Baroda announced on Wednesday that starting on August 12, it will increase the marginal cost of fund-based lending rates (MCLR) across all tenors by up to 0.20%. According to a regulatory filing by the Bank of Baroda, the modification to the MCLR has been accepted by the bank and will take effect on August 12, 2022.
The benchmark one-year MCLR, which serves as the foundation for the majority of consumer and personal loans, will be priced at 7.70%, up from the current 7.65%.
The one-month MCLR has increased by 0.20% to 7.40% among other tenor loans, while the three- and six-month MCLR loans will also increase by 0.10% to 7.45% and 7.55%, respectively.
At 6.85%, the overnight MCLR will increase by 0.05%.
The repo rate was sharply increased by the Reserve Bank last week by 0.5%, which prompted several banks to increase the various types of lending rates they charge clients.
On the BSE, Bank of Baroda shares closed at Rs118.65 per share, up 0.34%.
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