NEW DELHI: State-run Bank of Baroda has increased the marginal cost based lending rates (MCLR) by 0.05 per cent for various tenors of loans with effect from Saturday.
“The bank has revised marginal cost of funds based lending rate from July 7,” the bank said in a statement on Thursday.
The loan tenor for overnight, one month, three months, six months and one year will each be levied 0.05 % higher interest rate at 8 %, 8.5 %, 8.15 %, 8.35 % and 8.50 %, respectively.
Lenders review the MCLRs every month and depending upon the prevailing market conditions, it is increased/decreased.
The rise in MCLR will make retail loans such as auto, home and personal loans costlier for the customers.
Source: Press Trust of India