Ahead of the monetary policy review, state-owned Bank of Baroda (BoB) Tuesday increased its lending rates by up to 0.2 per cent, a move that will make home, auto and other loans expensive.
The bank has revised the marginal cost of funds-based lending rate (MCLR) with effect from Thursday, BoB said in a statement.
The MCLR for a three-month tenor increased to 8.50 per cent from the existing 8.30 per cent and for six-month maturity, it will go up to 8.70 per cent from the current 8.50 per cent.
Interest rate on one-year tenure will go up by 0.1 per cent to 8.75 per cent.
Most of the retail loans are benchmarked against one-year MCLR.
The RBI is schedule to unveil its sixth bi-monthly monetary policy on Thursday.
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