Bank of Baroda hikes MCLR across tenors by 0.05%

Bank of Baroda’s marginal cost of funds-based lending rates on overnight, one-month, three-month and six month period have been hiked by 0.05% each to 6.50%, 6.95%, 7.10% and 7.20% respectively

State-owned Bank of Baroda (BoB) on Monday said it has raised the marginal cost of funds-based lending rates by 0.05% across tenors with effect from April 12, 2022.

The benchmark one-year tenor MLCR will rise to 7.35%. The bank has approved the review of the marginal cost of funds-based lending rate (MCLR) with effect from April 12, 2022, BoB said in a regulatory filing.

The overnight, one-month, three-month and six-month MCLRs have been hiked by 0.05% each to 6.50%, 6.95%, 7.10% and 7.20% respectively.

The benchmark one-year tenor MCLR will make consumer loans such as personal, auto and home loans pricey among others.

Notably, the Reserve Bank in its monetary policy last week kept the repo rate unchanged at 4 per cent. However, it said to prioritise inflation over growth going ahead, as the geopolitical tensions have fuelled price rise across the globe.

Shares of Bank of Baroda were trading at ₹121.65, up 1.08% from the previous close.