NEW DELHI: State-owned Bank of Baroda has raised the marginal cost of the funds-based lending rate by up to 0.15 per cent for the select tenor of loans with effect from July 12.
The bank has approved the revision in Marginal Cost of Funds based Lending Rate (MCLR) with effect from July 12, 2022, Bank of Baroda said in a regulatory filing on Monday.
The one-year MCLR, the benchmark for most consumer loans such as auto, home, and personal loans, has been revised upwards to 7.65 per cent from the existing 7.50 per cent.
"We advise that the Bank has approved the revision in Marginal Cost of Funds Based Lending Rate (MCLR) w.e. f. 12th July 2022," Bank of Baroda said in a regulatory filing to the stock exchanges.
The three-month and six-month tenor loans will have new MCLRs at 7.35 per cent and 7.45 per cent, respectively, up by 0.10 per cent each.
On Monday, shares of Bank of Baroda closed 3.74 per cent up at Rs 109.55 apiece on BSE.