BoM, BoB reduce lending rates following RBI's recent policy action

Bank of Maharashtra cuts retail loan rates by up to 50 bps; Bank of Baroda trims MCLR on select tenors with effect from 12 June as banks align with RBI move

State-owned Bank of Maharashtra has reduced interest rates by up to 50 basis points (bps) on retail loans, including home, car, education and other loans linked to the repo rate, the bank said in a statement. The revision in interest rates will come into effect retrospectively from 10 June. The bank is currently offering its home loan starting from a 7.35 per cent interest rate and car loan starting from 7.70 per cent.

 

Meanwhile, state-owned Bank of Baroda has reduced its marginal cost of funds-based lending rate (MCLR) by 5 bps in select tenors, effective 12 June. While the overnight MCLR remains unchanged at 8.15 per cent, the one-month MCLR has been revised to 8.30 per cent from 8.35 per cent; three-month MCLR to 8.50 per cent from 8.55 per cent; six-month MCLR to 8.75 per cent from 8.80 per cent; and the one-year MCLR to 8.90 per cent from 8.95 per cent.