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Bank of Baroda cuts six-month MCLR To 8.15%, keeps one-year MCLR unchanged

The lender has also decided to discontinue the computation and declaration of MCLR for tenors above one year

Abhijit Lele  |  Mumbai 

The Bank of Baroda headquarters is pictured in Mumbai

In a strategy running contrary to trend of hardening of rates, (BoB) has slashed benchmark lending rate — Marginal Cost of funds-based Lending Rates [MCLR] by 10-25 basis points for tenors less than one year. The lender has also decided to discontinue the computation and declaration of for tenors above one year. The bank, however, did not elaborate as to how it would price loans above one year. The rate for one-year tenor remains at existing level 8.3%. For all other short tenors, rates are : overnight (7.80%), one month (7.85%), three months (7.95%) and six months (8.15%). It does not add any mark-up on its for its best-rated borrowers.

The bank offers home loans at one-year for its best-rated customers. One-year i.e. 8.3%, is applicable irrespective of the total amount and is available for a tenure of up to 30 years, BoB said.

First Published: Tue, February 06 2018. 01:42 IST
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