State-run Bank of Baroda has increased the marginal cost based lending rates (MCLR) by 0.05 per cent for various tenors of loans with effect from Saturday.
"The bank has revised marginal cost of funds based lending rate from July 7," the bank said in a statement today.
The loan tenor for overnight, one month, three months, six months and one year will each be levied 0.05 per cent higher interest rate at 8 per cent, 8.5 per cent, 8.15 per cent, 8.35 per cent and 8.50 per cent, respectively.
Lenders review the MCLRs every month and depending upon the prevailing market conditions, it is increased/decreased.
The rise in MCLR will make retail loans such as auto, home and personal loans costlier for the customers.
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app