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Bank Of Baroda Increases Lending Rate Ahead Of MPC Meet Outcome


State-owned public sector bank, Bank of Baroda (BoB) on Tuesday increased lending rates by up to 0.2%, a step which will make auto, home and other loans dearer for its customers.

Bank Of Baroda Increases Lending Rate Ahead Of MPC Meet Outcome

The RBI is scheduled to announce its sixth bi-monthly monetary policy outcome on Thursday.

In a statement Bank of Baroda said, the bank has revised the marginal cost of funds-based lending rate (MCLR) with effect from Thursday.

The new revised MCLR rate for one-year tenure has been increased by 0.1% to 8.75%, while for the 3-month and 6-month tenure, lending rate now stand at 8.5% and 8.7%, with an increase of 0.2% each on both the tenures.

It is to be noted that most retail loans are benchmarked against one-year MCLR.

Story first published: Wednesday, February 6, 2019, 13:42 [IST]
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