Bank of Baroda announces reduction in MCLR by 0.05% across all tenors

State-owned Bank of Baroda on Wednesday announced reduction in the marginal cost of funds based lending rate by 0.05 per cent across all tenors.

"The bank has revised marginal cost of funds based lending rate (MCLR) with effect from November 12, 2020," Bank of Baroda said in a regulatory filing.

The one-year tenor -- which is the benchmark for all consumer loans such as auto, retail, housing -- has been reduced to 7.45 per cent from 7.5 per cent.

Among others, from overnight to six-month tenor loans, the MCLR has been cut to 6.60-7.30 per cent, the bank said.

Shares of Bank of Baroda were trading 1.76 per cent lower at Rs 47.35 apiece on the BSE.