scorecardresearchYour EMI is set to rise: Bank of Baroda to hike MCLR rates by up to 0.2%

Your EMI is set to rise: Bank of Baroda to hike MCLR rates by up to 0.2%

Updated: 10 Aug 2022, 04:37 PM IST
TL;DR.

Bank of Baroda to hike MCLR rates by up to 0.2 pc from Aug 12

An collectible banknote buyer holds Indian rupee banknotes in Mumbai, India, on Wednesday, July 20, 2022. The rupee slid to all-time low of 80.06 per dollar on Tuesday, and has lost 2.4% over the past month, the third-worst performing Asian currency over the period. Photographer: Dhiraj Singh/Bloomberg

An collectible banknote buyer holds Indian rupee banknotes in Mumbai, India, on Wednesday, July 20, 2022. The rupee slid to all-time low of 80.06 per dollar on Tuesday, and has lost 2.4% over the past month, the third-worst performing Asian currency over the period. Photographer: Dhiraj Singh/Bloomberg

(PTI) Bank of Baroda on Wednesday said it will raise the marginal cost of fund-based lending rates (MCLR) by up to 0.20 per cent across tenors from August 12.

The bank has approved the revision in MCLR with effect from August 12, 2022, Bank of Baroda said in a regulatory filing.

The benchmark one-year MCLR, which forms the basis for most consumer and personal loans, will be priced at 7.70 per cent, as against 7.65 per cent presently.

Among other tenor loans, the one-month MCLR has been raised by 0.20 per cent to 7.40 per cent, while the three and six month MCLR loans will be up by 0.10 per cent each at 7.45 per cent and 7.55 per cent respectively.

The overnight MCLR will be up by 0.05 per cent at 6.85 per cent.

The Reserve Bank last week raised the repo rate by a sharp 0.5 per cent, prompting many banks to hike various kinds of lending rates they charge on borrowers.

Shares of Bank of Baroda closed at 118.65 apiece on BSE, up by 0.34 per cent.

First Published: 10 Aug 2022, 04:37 PM IST