Bank of Baroda, Union Bank of India hike interest rates on loans
After the Reserve Bank of India increased the repo rate by 50 basis points at its August monetary policy meeting, Bank of Baroda and Union Bank of India have followed suit and increased their marginal costs of funds-based lending rates (MCLR) on l...
Bank of Baroda and Union Bank of India have joined the bandwagon in raising their marginal costs of funds-based lending rates (MCLR) on loans after the Reserve Bank of India hiked the repo rate by 50 basis points in its August monetary policy meeting.
Bank of Baroda Bank of Baroda raised marginal cost of fund-based lending rates (MCLR) by up to 0.20 percent across tenors. The bank has accepted the MCLR modification, which will take effect on August 12, 2022, according to a regulatory filing by Bank of Baroda.
The one-month MCLR has been hiked by 20 bps to 7.40 percent, while the three and six month MCLR loans will be enhanced by 10 bps percent each to 7.45 percent and 7.55 percent, respectively. The overnight MCLR will rise by 5 bpsto 6.85 percent.
The benchmark one-year MCLR, which serves as the foundation for the majority of consumer and personal loans, is set at 7.70%, up from 7.65%.
Union Bank of India has raised its marginal costs of funds-based lending rates (MCLR) by 15 basis points (bps) across all tenures. The revised interest rates will be effective from August 11, 2022, till September 10, 2022.
With this hike, the bank's overnight rate is now 6.95 percent, while its one-month, three-month, and six-month rates are now 7.10 percent, 7.35 percent, and 7.50 percent, respectively. The one-year MCLR, two-year MCLR, and three-year MCLR stand at 7.70 percent, 7.75percent, and 7.75 percent, respectively.
