On Wednesday it said it will raise the marginal cost of funds-based lending rates (MCLR) by 0.20 per cent with effect from August 12. The bank has approved the amendment 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 cost 7.70 per cent, from 7.65 per cent currently.

Among other term loans, one-month MCLR has been increased by 0.20 per cent to 7.40 per cent, while three- and six-month MCLR loans will increase by 0.10 per cent to 7.45 per cent and 7.55 per cent, respectively.

Overnight MCLR will increase by 0.05 per cent to 6.85 per cent.

Reserve Bank There was a sharp 0.5 per cent hike in the repo rate last week, prompting several banks to hike various lending rates on borrowers.

Bank of Baroda shares closed at Rs 118.65 per share BSEup 0.34 percent.