Bank of Baroda cuts six-month MCLR To 8.15%, keeps one-year MCLR unchanged

In a strategy running contrary to trend of hardening of rates, Bank of Baroda (BoB) has slashed benchmark lending rate — Marginal Cost of funds-based Lending Rates [MCLR] by 10-25 basis points for tenors less than one year.

The lender has also decided to discontinue the computation and declaration of MCLR for tenors above one year.

The bank, however, did not elaborate as to how it would price loans above one year. 

The MCLR rate for one-year tenor remains at existing level 8.3%. For all other short tenors, rates are : overnight (7.80%), one month (7.85%), three months (7.95%) and