Latest loan interest rates of Bank of Baroda, Canara bank, Bank of Maharashtra

Bank of Baroda, Bank of Maharashtra and Canara Bank have revised 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 Bank of Maharashtra.

The stance of RBI's monetary policy and the policy rates remained unchanged . The RBI maintained its position of "withdrawal of accommodation" and left the repo rate unchanged at 6.5%.

The changes in MCLR, will make EMIs linked to MCLR expensive. Most of the banks one year MCLR is linked to consumer loans.


Also read: HDFC Bank hikes base rate, interest rates on these loans; check latest rates

Bank of Baroda
Bank of Baroda MCLR rates are kept unchanged from previous rates. The rates will be effective from October 12, 2023.

The bank's overnight marginal cost of funds-based lending rate (MCLR) will be 8%. For one-month, three-month, and six-month terms, BoB applies 8.25%, 8.35%, and 8.45% MCLR, accordingly. The one year MCLR stands at 8.70%.

Sr. No.	MCLR Benchmark	MCLR in (%)
1	Overnight MCLR	8
2	1 Month MCLR	8.25
3	3 Month MCLR	8.35
4	6 Month MCLR	8.45
5	1 Year MCLR	8.7

Also read: Loan interest rates for October 2023: ICICI Bank, PNB, Yes Bank revise these loan interest rates

Canara Bank
Canara Bank revised its latest marginal cost of funds-based lending rates (MCLR). The rates will be effective from October 12, 2023. These rates are kept unchanged from previous rates.
The one-month MCLR rate stands at 8.05%. The three-month MCLR rate at 8.15 percent. Furthermore, the bank offers six-month MCLR rate at 8.5% The year-on-year MCLR rate to 8.7 percent.

Sr. No.	MCLR Benchmark	MCLR in (%)
1	Overnight MCLR	7.95
2	1 Month MCLR	8.05
3	3 Month MCLR	8.15
4	6 Month MCLR	8.50
5	1 Year MCLR	8.7

According to the bank website, “Rates of Interest of all Retail Lending Schemes are linked to REPO LINKED LENDING RATE (RLLR) OF THE BANK – 9.25%* w.e.f 12.10.2023.”
“*The reviewed rate will be applicable only to new accounts opened on or after 12.10.2023 & accounts completing 3 years under RLLR regime on or after 12.10.2023. The accounts having not completed 3 years under RLLR regime will continue to be at earlier RLLR i.e. 9.40%.”

Bank of Maharashtra
Bank of Maharashtra revised its latest marginal cost of funds-based lending rates (MCLR). The rates will be effective from October 11, 2023. The one-month MCLR rate stands at 8.20%. The three-month MCLR rate at 8.30 percent. Furthermore, the bank offers six-month MCLR rate at 8.5% The year-on-year MCLR rate to 8.7 percent.