Bank Of Baroda MCLR Rate Hike: Public sector lender Bank of Baroda has increased its MCLR rates for some tenure, it said on Monday, July 4. The Bank has approved the revision of the Marginal Cost of Lending Rate (MCLR) with effect from July 12, 2022. Bank Of Baroda said in a regulatory filing on Monday. Bank Of Baroda MCLR The hike would mean that bank borrowers would have to spend more money to pay their loan interest, which includes home loans, car loans and personal loans.
“We advise that the bank has approved revision of the Marginal Cost of Funds Based Lending Rate (MCLR) with effect from July 12, 2022,” Bank of Baroda said in a regulatory filing that day. “We request you to kindly take note of the above and upload the information on your website as per regulation 30 of SEBI (LODR) Regulations, 2015,” it said.
Bank of Baroda’s MCLR rates have been kept unchanged overnight and for one month, the lender said in a regulatory filing. For the tenure of three months, Bank of Baroda MCLR rates have been increased to 7.35 per cent, an increase of 10 basis points from the earlier 7.25 per cent, Bank of Baroda MCLR rates for the tenure of six months are up from 7.45 per cent . The earlier 7.35 per cent, also increased by 10 bps. The benchmark one-year Bank of Baroda MCLR for most consumer loans such as auto, home and personal loans has been increased to 7.65 per cent from the current 7.50 per cent, an increase of 15 basis points.
Here are the MCLR for the period effective July 12, 2022, as per Bank of Baroda regulatory filings:
Overnight MCLR: Current rate – 7.50 percent; New rate – 7.70 percent
One Month MCLR: Current rate – 7.55 percent; New rate – 7.75 percent
Three Months MCLR: Current rate – 7.60 percent; New rate – 7.80 percent
Six Months MCLR: Current rate – 7.70 percent; New rate 7.90 percent
One year MCLR: Current rate – 7.85 percent; New rate 8.05 percent
Bank of Baroda MCLR was last revised on June 12 this year, says its website. Bank of Baroda further said from its website that with effect from July 1, its base rate is 8.15 per cent per annum, while the BPLR (Benchmark Prime Lending Rate) for all existing accounts is 12.45 per cent per annum.
As a result of increase in Bank of Baroda MCLR rate, housing, vehicle and personal loans are going to become more expensive as EMIs will increase. However, existing home loan borrowers should note that the EMI will be revised only when the reset date of their loan approaches. On Monday, Bank of Baroda shares closed at Rs 109.55 per equity share, up 3.74 per cent on the BSE.
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