From August 12, the Bank of Baroda will raise MCLR rates by up to 0.2%

11 Aug 2022 , 08:21 AM

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%.