The revision is effective from 12 November 2022, said Bank of Baroda during a regulatory filing. Along with others, the overnight rate has been increased to 7.25 per cent from 7.10 per cent earlier
The state-owned Bank of Baroda (BoB) said it has hiked its marginal cost of funds-based lending rate by up to 15 basis points (bps) across tenors, on 10 November.
The revision in marginal cost of funds-based lending rate (MCLR) following the lender’s approval. It is effective from 12 November 2022, said Bank of Baroda during a regulatory filing.
MCLR is the rate at which most of the consumer loans like personal, auto and home are tied to. The benchmark one-year tenor rate has been raised by 10 basis points to 8.05 per cent.
Along with others, the overnight rate has been increased to 7.25 per cent from 7.10 per cent earlier.
The one, three and six-month MCLRs were raised by 10 basis points each to 7.70 per cent, 7.75 per cent and 7.90 per cent, respectively.