With effect from July 12, MCLR on 1-year tenure will increase to 7.65% from the current 7.50%. Meanwhile, the benchmark rate for six-month tenure will be 7.45% from the present 7.35%.
For three months tenure, MCLR will be 7.35% from the current 7.25%.
Meanwhile, MCLR on one-month and overnight tenure remains unchanged at 7.20% and 6.80% respectively.
Bank of Baroda's base rate is 8.15% per annum. While the bank's Benchmark Prime Lending Rate or BPLR is at 12.45% per annum.
For retail loans, the bank's Baroda Repo Linked Lending Rate (BRLLR) is set at 7.45% effective from June 15, 2022. The BRLLR is comprised of a policy repo rate of 4.9% and a markup/base spread of 2.55%.
The bank's home loan for non-staff members currently ranges from 7.45% to 8.80%. For staff members, the home loan interest rate begins from 7.45%.
On car loans, at present, the bank's interest rate ranges from 7.70% to 10.95% for electric vehicles and new cars. However, the rate ranges from 10.20% to 12.95% on auto loans for pre-owned cards. For staff or ex-staff members, the auto loan interest rate is set at 7.70%. For two-wheelers loans, an interest rate of 11.95% is levied on non-staffers, while the rate is 7.95% for staff members.
Meanwhile, as per the website, personal loans are offered category-wise and the interest rates vary according.
Under personal loans, in category A, employees having an account with another bank has an interest rate of 12.95% to 16.55%. While employees holding BOB bank accounts have a much lower interest rate ranging from 10.95% to 14.55%. These employees can be private, public, trust, LLP, insurance agents, self-employed professionals, and business persons.
On the other hand, in Category C, where employees of central and state government, PSUs, autonomous bodies, listed public companies, joint sector undertakings, and educational institutions - have another bank account - has personal loan interest rate from 10.20% to 14.55%. Under the Gold category, these same employees, however, having a BOB bank account sees an interest rate of 9.70% to 14.55%. Also, government employees or defence personnel maintaining salary account with BoB has an interest rate of 9.20% to 9.70%.
Introduced as an alternative to the base rate system, the Marginal Cost Of Funds Based Lending Rate (MCLR) was launched as a benchmark that is set by banks to not lend below this rate. MCLR is different for various tenors ranging from overnight to three years.
On BSE, Bank of Baroda shares closed at ₹109.55 apiece up by 3.7%.
