Bank of Baroda raises MCLR on select tenor loans by up to 15 basis points

State-owned Bank of Baroda has raised the marginal cost of funds based lending rate by up to 0.15 per cent for select tenor of loans with effect from Tuesday.

The bank has approved the revision in Marginal Cost of funds based Lending Rate (MCLR) with effect from July 12, 2022, Bank of Baroda said in a regulatory filing on Monday.

The one year MCLR, the benchmark for most of consumer loans such as auto, home and personal loans, has been revised upwards to 7.65 per cent from the existing 7.50 per cent.

The three-month and six-month tenor loans will have new MCLRs at 7.35 per cent and 7.45 per cent, respectively, up by 0.10 per cent each.

On Monday, shares of Bank of Baroda closed 3.74 per cent up at Rs 109.55 apiece on BSE.