Bank of Baroda raises interest rates

Public sector lender Bank of Baroda today raised interest rates on new housing loans exceeding Rs 30 lakh, new auto and consumer loans by 50 basis points.

The hike was announced after the bank increased its prime lending rate by 75 basis points to 14 per cent today.

However, the bank has spared existing housing, educational and auto loans as well as new housing loans up to Rs 30 lakh from an interest rate hike.