State-run Bank of Baroda has reduced its marginal cost of funds based lending rate (MCLR) by up to 75 basis points across various tenors. The new rates would be effective from January 7 and will be applicable to all new and renewed borrower accounts, the bank said in a statement, reports PTI.

The overnight MCLR has been reduced to 8.10 per cent from 8.80 per cent. One month MCLR has been set at 8.15 per cent while 3-month MCLR has been reduced to 8.20 per cent from 8.95 per cent earlier. List Of Banks That Cuts Lending Rates, Check Out The New Base Rates Here

One year MCLR has been reduced by 70 basis points to 8.35 per cent from existing 9.05 per cent. Three years MCLR has been revised to 8.50 per cent from 9.05 per cent. Flush with higher deposits, banks have been reducing their MCLRs.

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