and have joined the bandwagon in raising their marginal cost of funds-based lending rates (MCLR) on loans after the Reserve Bank of India raised the repo rate by 50 basis points in its August monetary policy meeting.

Bank Of Baroda

Bank Of Baroda Raised Marginal cost of funds based lending rates (MCLR) up to 0.20 per cent across all tenors. According to a regulatory filing by Bank of Baroda, the bank has accepted the MCLR revision, which will be effective on August 12, 2022.

One-month MCLR has been increased by 20 bps to 7.40 per cent, while three- and six-month MCLR loans will be increased by 10 bps per cent to 7.45 per cent and 7.55 per cent, respectively. Overnight MCLR will increase by 5 bpsto 6.85 per cent.

The benchmark one-year MCLR, which serves as the foundation for most consumer and personal loans, is set at 7.70% from 7.65%.

Union Bank of India

It has increased the marginal cost of funds based lending rates (MCLR) by 15 basis points (bps) across all tenors. The revised interest rates will be effective from 11 August 2022 to 10 September 2022.

With this hike, the bank’s overnight rate now stands at 6.95 per cent, while its one-month, three-month and six-month rates now stand at 7.10 per cent, 7.35 per cent and 7.50 per cent respectively. The one-year MCLR, two-year MCLR and three-year MCLR are 7.70 per cent, 7.75 per cent and 7.75 per cent respectively.

EBLR has also been revised to 8.20 percent.