Despite RBI status quo on interest rates, BoB raises MCLR — borrowers' loan EMI burden set to rise
Bank of Baroda (BANKBARODA) — India's second largest PSU lender after SBI — on Tuesday hiked its MCLR or marginal cost of funds-based lending rate for select tenors by five basis points, effective April 12. The hike in the key interest rate by Bank of Baroda comes days after the RBI announced a status quo on the repo rate though not committing to the end of hikes in the current cycle of monetary policy tightening.
Bank of Baroda (BANKBARODA) — India's second largest PSU lender after SBI — on Tuesday hiked its MCLR or marginal cost of funds-based lending rate for one year by five basis points, effective April 12. MCLR is the key interest rate below which a bank cannot lend money.
The hike in the MCLR by Bank of Baroda comes days after the RBI announced a status quo on the repo rate — the key interest rate at which it lends money to commercial banks — as well as policy stance, but did not premise the end to the current cycle of monetary policy tightening. Read more on RBI's April 6 policy review
Bank of Baroda MCLR rate hike: What will be the new interest rate?
From Wednesday, April 12, Bank of Baroda's one-year MCLR will be 8.6 per cent, instead of the current 8.55 per cent, according to a regulatory filing.
Bank of Baroda interest rates
Bank of Baroda also raised its overnight MCLR by five basis points, while leaving the interest rates applicable to other tenors unchanged.
Here's the list of latest Bank of Baroda interest rates, as laid out by the state-run lender:
MCLR tenor | Existing MCLR (%) | MCLR with effect from April 12, 2023 (%) |
Overnight | 7.9 | 7.95 |
One month | 8.2 | 8.2 |
Three months | 8.3 | 8.3 |
Six months | 8.4 | 8.4 |
One year | 8.55 | 8.6 |
Source: Bank of Baroda |
(This story will be updated shortly)
Catch latest stock market updates here. For all other news related to business, politics, tech, sports and auto, visit Zeebiz.com.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
PM Modi has invested in this post office scheme; know his total worth as per Lok Sabha elections 2024 affidavit
SRH vs GT IPL 2024 Ticket Booking Online: Where and how to buy SRH vs GT tickets online - Check IPL Match 66 ticket price, other details
Top 7 SWP Mutual Funds: Rs 50 lakh investment, Rs 70K monthly pension for 10 years, and Rs 42.30 lakh balance value; know more details
Gold and Silver rate today (May 13, 2024): Precious metal under pressure; yellow metal near Rs 72,400, white metal above Rs 84,600
SIP Returns: How Rs 3,000, 5,000, and Rs 10,000 SIPs can help you build retirement corpus of Rs 1.06 cr, Rs 1.77 cr, and Rs 3.53 cr
TBO Tek IPO Listing LIVE Update: Bumper Debut! Share list at 55% premium - Buy, sell or hold? Check Anil Singhvi's view
08:38 AM IST