 "The Bank of Baroda headquarters is pictured in Mumbai")
The marginal cost of funds based lending rate has been cut by 0.15 % across tenors along with term deposit rates on select maturities, said Bank of Baroda on Thursday.
The reduction in MCLRs will bring down the interest on consumer loans, including personal, auto and housing, it said.
The one-year MCLR - the benchmark for most of consumer loans - has been cut to 8 per cent from 8.15 per cent, the bank said in a statement, news agency PTI reported.
Among other tenors, the MCLRs from overnight to six month loans have been cut by 0.15 per cent
