Mumbai (Maharashtra) [India], July 11 (ANI): Bank of Baroda said on Monday it has decided to hike the Marginal Cost of Funds Based Lending Rate (MCLR) by upto 0.15 per cent or 15 basis points with effect from 12th July.
For one year tenor, the bank has decided to increase MCLR to 7.65 per cent with effect from July 12 from the existing 7.50 per cent. The highest increase is proposed for the one-year tenor.
For six months tenor, the MCLR will be hiked to 7.45 per cent from the existing 7.35 per cent.
"We advise that the Bank has approved the revision in Marginal Cost of Funds Based Lending Rate (MCLR) w.e. f. 12th July 2022," Bank of Baroda said in a regulatory filing to the stock exchanges.
For three month tenor, the bank has decided to increase MCLR from the existing 7.25 per cent to 7.35 per cent.
For overnight and one month tenors, the bank has decided to keep the MCLR unchanged. The MCLR for overnight tenor it will remain unchanged at 6.8 per cent while for the one month tenor it will remain unchanged at 7.20 per cent. (ANI)