Bank of Baroda will cut MCLR on various tenors by up to 10 basis points (bps) from Sunday.
The public sector bank has revised marginal cost of funds-based lending rate (MCLR) with effect from 7 July 2019, it said in a regulatory filing on Friday.
The benchmark one-year MCLR has been cut by 10 bps to 8.60 percent as against 8.70 percent, earlier. The one-year tenor MCLR is the rate that is linked to most of the consumer loans such as home, car and personal.
|MCLR Benchmark||MCLR in (%) w.e.f. 07.06.2019|
The base rate was revised to 9.40 percent with effect from 1 July 2019.
Earlier last month, other PSBs such as Bank of Maharashtra, Oriental Bank of Commerce and Corporation Bank had announced to cut MCLR after the RBI had announced a cut in its repo rate in its bi-monthly monetary policy review.
The State Bank of India had cut the interest rate on cash credit and overdraft with a limit of above Rs 1 lakh with effect from 1 July.