Bank of Baroda hikes MCLR across tenors by 0.05%

State-owned Bank of Baroda (BoB) on Monday said it has raised the marginal cost of funds based lending rates by 0.05 per cent across tenors with effect from April 12, 2022.

The benchmark one-year tenor MCLR will rise to 7.35 per cent

The bank has approved the review of marginal cost of funds based lending rate (MCLR) with effect from April 12, 2022, BoB said in a regulatory filing.

The overnight, one-month, three-month and six-month MCLRs have been hiked by 0.05 per cent each to 6.50 per cent, 6.95 per cent, 7.10 per cent and 7.20 per cent respectively.

The benchmark one-year tenor MCLR will make consumer loans such as personal, auto and home loans pricey among others.

Notably, the Reserve Bank in its monetary policy last week kept the repo rate unchanged at 4 per cent. However, it said to prioritise inflation over growth going ahead, as the geopolitical tensions have fuelled price rise across the globe.

Shares of Bank of Baroda were trading at Rs 121.65, up 1.08 per cent from the previous close.

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