Home loans, EMIs to get more expensive: Now, this PSU bank hikes interest rates by .20%

Bank of Baroda on Wednesday said it will raise the marginal cost of fund-based lending rates (MCLR) by up to 0.20 per cent across tenors from August 12.

The bank has approved the revision in MCLR with effect from August 12, 2022, Bank of Baroda said in a regulatory filing.

The benchmark one-year MCLR, which forms the basis for most consumer and personal loans, will be priced at 7.70 per cent, as against 7.65 per cent presently.

Among other tenor loans, the one-month MCLR has been raised by 0.20 per cent to 7.40 per cent, while the three and six month MCLR loans will be up by 0.10 per cent each at 7.45 per cent and 7.55 per cent respectively.

The overnight MCLR will be up by 0.05 per cent at 6.85 per cent.

The Reserve Bank last week raised the repo rate by a sharp 0.5 per cent, prompting many banks to hike various kinds of lending rates they charge on borrowers.

Shares of Bank of Baroda closed at Rs 118.65 apiece on BSE, up by 0.34 per cent.