1. You Are At:
  2. English News
  3. Business News
  4. Bank of Baroda cuts MCLR by 0.15 per cent across tenors

Bank of Baroda cuts MCLR by 0.15 per cent across tenors

State-owned Bank of Baroda on Thursday announced to cut marginal cost of funds based lending rate by 0.15 per cent across all tenors, which will bring down cost of consumer loans.

PTI PTI
New Delhi Published on: April 09, 2020 18:32 IST
Bank of Baroda cuts MCLR by 0.15 per cent across tenors
Image Source : PTI (FILE)

Bank of Baroda cuts MCLR by 0.15 per cent across tenors

State-owned Bank of Baroda on Thursday announced to cut marginal cost of funds based lending rate by 0.15 per cent across all tenors, which will bring down cost of consumer loans.

"The bank has revised marginal cost of funds based lending rate (MCLR) with effect from April 12, 2020," Bank of Baroda said in a regulatory filing.

The one-year tenor-- which is the benchmark for all consumer loans such as auto, retail, housing -- has been reduced to 8 per cent from 8.15 per cent.

Among others, from overnight to six-month tenor loans, the MCLR has been cut to 7.40-7.85 per cent, the bank said.

This follows country's largest lender SBI's MCLR cut earlier this week by 35 basis points or 0.35 per cent across tenors.

Stock of Bank of Baroda closed 5.28 per cent down at Rs 50.85 apiece on the BSE.

Latest Business News

Fight against Coronavirus: Full coverage

Write a comment

X