State-run Bank of Baroda today reduced its marginal cost based lending rates (MCLR) by 20 basis points for various tenors.
The new rates will be effective from December 7.
"With the revision of MCLR as above, the offered rate of interest on loan product will be lower by 20 basis points across all the tenors," the bank said in a statement here today.
For overnight tenor, the rates were revised to 8.80 per cent from 9 per cent.
For one year loan, the lending rates have been reduced to 9.05 per cent from 9.25 per cent.
The rate for 5 year tenor has been lowered to 9.25 per cent from 9.45 per cent.
Last week, another state-run lender Dena Bank had reduced its MCLR by 10 basis points to 9.30 per cent from 9.40 per cent for 1 year tenor.
The lender also fixed its overnight period minimum lending rate or MCLR at 9.10 per cent.
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