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Bank Of Baroda Cuts Lending Rates; Loans To Get Cheaper
On Tuesday, public sector lender, Bank of Baroda (BoB) cut its benchmark lending rate by 0.1 percent, making its loans cheaper. Lending rates across all tenors less than one year have been decreased by 10 basis points. These new rates will be effective from 7 March 2019.
In a regulatory filing, Bank of Baroda informed of a revision in the Marginal Cost of Funds Based Lending Rate (MCLR) under the Regulatory 30 of SEBI (LODR) regulations, 2015.
| MCLR Tenors | Existing MCLR (%) | MCLR w.e.f. 07th March 2019 (%) |
|---|---|---|
| Overnight | 8.35 | 8.25 |
| One Month | 8.40 | 8.30 |
| Three Month | 8.50 | 8.40 |
| Six Month | 8.70 | 8.60 |
| One Year | 8.75 | 8.65 |
The MCLR for one-year tenor was also reduced to 8.65 percent from 8.75 percent. A majority of the retail loans including home loans are benchmarked against the one-year MCLR.
This rate cut is reflective the Reserve Bank of India's cut in repo rate by 25 basis points to 6.25 percent. The application of the change has been a month after the RBI policy meet.
Banks have been delaying passing on the RBI rate cuts to end-borrowers, citing higher credit cost due to the massive NPA piles.
