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Good News for Bank of Baroda customers! Home, car and other loans get cheaper

State-owned Bank of Baroda,( New Delhi) on Monday announced cut in its marginal cost of funds-based lending rates (MCLR) by up to 10 basis points, effective February 12. The reduction will make home, auto and other loans cheaper for new borrowers.

Edited by: PTI New Delhi Updated on: February 10, 2020 16:18 IST
Bank of Baroda cuts MCLR up to 10 bps
Image Source : PTI

Bank of Baroda cuts MCLR  up to 10 bps

 

State-owned Bank of Baroda, New Delhi on Monday announced cut in its marginal cost of funds-based lending rates (MCLR) by up to 10 basis points, effective February 12. The reduction will make home, auto and other loans cheaper for new borrowers. With this reduction, the one-year MCLR has come down to 8.15 per cent per annum from 8.25 per cent, according to a bank statement.

The reduction in MCLR by the bank comes a day after the Reserve Bank of India left the repo rate unchanged at 5.15 per cent but announced long-term repo operation for up to Rs 1 lakh crore, making the cost of funds cheaper for banks.

While the one-month MCLR has been reduced by 5 basis points to 7.55 per cent, overnight, three- and six-month rates were down by 10 basis points, it said.

Last week, market leader State Bank of India (SBI) announced 5 basis points (bps) reduction in its MCLR across tenors, effective February 10. This was the ninth consecutive cut in MCLR by the bank in the current financial year. 

 
ALSO READ | Bank of India, Bank of Baroda and Canara Bank get new MD & CEOs

ALSO READ | EXPLAINED: Here's how cut in MCLR will impact your home loan EMI

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