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Bank Of Baroda Slashes Interest Rate On Loans: Check Details


State-owned lender Bank of Baroda on June 10, 2021 announced that it has reduced the benchmark 1-year marginal cost of funds based lending rate (MCLR) by 0.05 per cent.

Bank Of Baroda Slashes Interest Rate On Loans: Check Details

In a regulatory filing the bank said, it has given a go-ahead to the revision in MCLR rate which will come into effect from June 12, 2021. Upon revision, the one year MCLR will be 7.35%.

Also, the rate for 6-month and 3-month MCLR has also been reduced by 0.05% each to 7.20 per cent and 7.10 per cent, respectively.

The stock of Bank of Baroda in today's session closed at Rs. 84.75 per share on the BSE.

Also, Bank of Baroda will carry out an e-auction of 46 NPA accounts later in the month to recover dues worth Rs. 597.41 crore. In a notification, the bank said it intends on selling these accounts to asset reconstruction companies (ARCs) / banks / NBFCs or other financial institutions (FIs) on completely cash basis. The e-auction is scheduled to happen on June 21, 2021. For the same the last date to submit EoI or expression of interest is June 19, the bank added.

Read more about: bank of baroda loan mclr
Story first published: Thursday, June 10, 2021, 22:46 [IST]
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