According to BSE information, after the hike, the one-year MCLR of Bank of Baroda now stands at 7.65%. While its three-month and six-month rates have been increased by 10 basis points to 7.35 percent and 7.45 percent respectively. The one-year MCLR has been increased from 7.50 per cent to 7.65 per cent, an increase of 15 basis points. The bank’s overnight rate and one-month rate have been kept unchanged at 6.80 per cent and 7.20 per cent, respectively.
For both new and existing borrowers, an increase in MCLR will mean higher loan interest rates. has increased its MCLR by 10 basis points from today. Last week, Bank of India also increased its MCLR on loans.
What is MCLR?
All time low Rate of interest Banks may charge their customers a benchmark rate called the “marginal cost of lending rate” or “MCLR”. It decides the minimum interest rate that can be settled on the loan.