Lending rates reviewed by Bank of Baroda
Posted on: 06/Jun/2018 1:02:43 PM
The latest updates from the Bank of Baroda confirmed the reviewing of the current lending rates. Now the bank’s official Marginal cost of funds based lending rates (MCLR) for one year will be 8.45 percent. This rate is considered by the financial critics as very competitive stroke from the bank in term of other lending bodies of India under Reserve Bank of India increasing the MCLR.
The basic rearrangements in many financial fixations and the marginal cost of lending rated across different tenors had been reviewed and re-figured. Bank of Baroda has set the MCLR at 5 BPS above the current level operative from June 7, 2018.
Considering the current marketing scenario the tenors for overnight, one month, three months and six months are fixed as 7.95 per cent, 8.00 per cent, 8.10 per cent and 8.30 per cent, respectively with the same mentioned order.
The increase in these rates are the resulting effect of high cost of fund and increased interest rate in the current situation of many banking sectors. Several banks such as SBI, ICICI, PNB and Union Bank of India had raised the MCLR rates.
Bank of Baroda mentioned that it has not reviewed the rates of MCLR for the best rated home loan borrowers to retain the existing customers and to encourage new accounts for the financial year.
