Lending Rates Hike: After the increase in the repo rate by the Reserve Bank of India, many banks have changed the policy rates, due to which it has become expensive to take loans from banks. Now Bank of Baroda has increased the interest rate.
Bank Of Baroda Lending Rates Hike: After increasing the interest rate by HDFC Bank, now another government bank has increased them. Now Bank of Baroda (BoB) has also increased the interest rate of the loan by 0.1 percent after the increase in the repo rate. In the information given to the stock market by Bank of Baroda (BoB), it was said that the MCLR has been increased by 0.1 percent.
New rates will be applicable from tomorrow
It was told by the bank that the increased interest rates for different times will be applicable from May 12. The one-year MCLR has been changed by the bank to 7.40 percent, it was 7.35 percent so far. Most of the bank’s customers fall under this category of loans.
MCLR increased so much
Apart from this, the MCLR for three months and six months has been increased to 7.15 percent and 7.25 percent respectively. With this, the internet rate for one day and one month MCLR based loans has been increased by 0.10 percent to 6.60 percent and 7.05 percent.
Changes after repo rate hike
Bank of Baroda has taken this decision after the RBI increased the repo rate by 0.40 percent on May 4. Earlier, Indian Overseas Bank, ICICI Bank, HDFC Bank, Canara Bank, Bank of Maharashtra, Karur Vysya Bank etc. have also revised their MCLR and repo rate linked interest rates.
Information provided in exchange filings
Indian Overseas Bank has also changed its external benchmark linked lending rate. It was told by the bank that the lending rate has been revised to 7.25 percent. The new rates have come into effect from May 10. “Our bank has revised the Repo Linked Lending Rate (RLLR) to 7.25 per cent (4.40 per cent +2.85 per cent),” IOB said in an exchange filing.
