Check latest Bank of Baroda, Canara Bank, Union Bank of India MCLRs

Bank of Baroda, Canara Bank, and Union Bank of India have announced their marginal costs of funds-based lending rates (MCLRs) on loans. Here is a look at the latest MCLR rates of the Bank of Baroda, Canara Bank, and Union Bank of India

Bank of Baroda lending rates

Bank of Baroda announced its latest marginal cost of funds-based lending rates (MCLR). The bank has kept the rates unchanged. The revised rates will be effective from May 12, 2023


For overnight tenor, the lender offers MCLR at 7.95 per cent. The banks' one-month, 3 month, and 6 month MCLR stands at 8.20 per cent, 8.30 per cent, and 8.40 per cent respectively. The one-year MCLR stands at 8.60 per cent.

Sr. No.	MCLR Benchmark	MCLR in (%)
1	Overnight MCLR	7.95
2	1 Month MCLR	8.2
3	3 Month MCLR	8.3
4	6 Month MCLR	8.4
5	1 Year MCLR	8.6

Bank of Baroda BPLR for all the existing accounts is 13.70 per cent per annum and the base rate is 9.40 per cent w.e.f from April 12, 2023.

Do note that the hike in MCLR will impact the EMI when the reset date of the loan arrives. On the reset date, the bank will check the latest MCLR rate of the tenure to which the loan is linked and change the effective interest rate on loans. The spread or markup will be added to the latest MCLR rate to arrive at the new interest rate. On this new interest rate, the bank will calculate the EMI of the borrower based on the outstanding loan amount.

Canara Bank lending rates

Canara Bank has kept the marginal cost of funds-based lending rates unchanged. According to the Canara Bank website, the overnight MCLR rate is now at 7.90 per cent, while its one-month, three-month, and six-month rates stand at 8.00 per cent, 8.15 per cent, and 8.45 per cent, respectively. The bank’s one-year MCLR is 8.65 per cent.

Sr. No.	MCLR Benchmark	MCLR in (%)
1	Overnight MCLR	7.9
2	1 Month MCLR	8
3	3 Month MCLR	8.15
4	6 Month MCLR	8.45
5	1 Year MCLR	8.65

Canara Bank Repo Linked Lending Rate (RLLR) is 9.25 per cent effective from May 5, 2023.

Union Bank of India's latest lending rates

Union Bank of India announced MCLRs across all tenures, effective between May 11, 2023, and June 10, 2023.

According to the Union Bank of India website, the overnight MCLR rate is now at 7.90 per cent, while its one-month, three-month, and six-month rates stand at 8.05 per cent, 8.25 per cent, and 8.45 per cent, respectively. The bank’s one-year MCLR is 8.65 per cent while, its three-year MCLR is 9 per cent, two-year MCLR is 8.85 per cent.

TypesPropoesd MCLR
Overnight MCLR	7.90%
1 month MCLR	8.05%
3 Months MCLR	8.25%
6 Months MCLR	8.45%
1 year MCLR	8.65%
2 year MCLR	8.85%
3 year MCLR	9.00%

Other Banks
Most of the banks including PNB and ICICI Bank have not changed their MCLR after the RBI kept the repo rate unchanged in its April monetary policy meet.

Hike in MCLR
The increase in the MCLR rate will affect loan borrowers whose interest rate is linked to the MCLR. Home loan borrowers, vehicle loan borrowers, personal loan borrowers, and so on are examples of loan borrowers.