The benchmark one-year MCLR, which serves as the basis for most consumer and personal loans, will be priced at 7.70%, from 7.65% currently. Among other term loans, one-month MCLR has been increased by 0.15 per cent to 7.95 per cent, while three- and six-month MCLR loans have been increased by 0.15 per cent to 7.65 per cent and 7.80 per cent, respectively. Overnight MCLR will increase by 0.10 per cent to 7.10 per cent.
Bank Of Baroda BPLR
According to Bank of Baroda website, the bank benchmark prime lending rate is 12.90% p.a. for all existing accounts with effect from 12.10.2022.
Bank Of Baroda base rate
The base rate of the bank is 8.60% with effect from October 12, 2022.
Bank of Baroda increased RLLR
Bank of Baroda’s repo-linked lending rate has been revised with effect from October 1, 2022. According to the website, “With reference to the guidelines issued by the Reserve Bank of India regarding implementation of external benchmark based lending rates. The Bank has introduced Baroda Repo Linked Lending Rate (BRLLR) in respect of all retail loan products with effect from 01.10.2019. Rate of interest on various loans linked to Baroda Repo Linked Lending Rate (BRLLR) – with effect from 01.10.2022. The applicable BRLLR for retail loans is 8.45% w.e.f. 01.10.2022 (Current RBI Repo Rate: 5.90% + Markup / Base Spread 2.55%).”
RBI rate hike
After the RBI announced a hike in the repo rate in an unplanned monetary policy announcement in May 2022, banks started raising interest rates. Since then the central bank has been raising interest rates. From May 2022, RBI has increased the repo rate by 1.90% from 4% to 5.90%.
The Reserve Bank raised the repo rate by 50 basis points to 5.90%, prompting many banks to increase the various types of lending rates they charge borrowers.