Bank of Baroda reduces lending rates by up to 75 bps
Bank of Baroda said it has reduced it marginal cost of funds based lending rate (MCLR) by up to 75 basis points across various tenors.
The new rates would be effective from January 7 and will be applicable to all new and renewed borrowal accounts, the bank said in a statement.
One month MCLR has been set at 8.15 per cent while 3 month MCLR has been reduced to 8.20 per cent from 8.95 per cent earlier.
One year MCLR has been reduced by 70 basis points to 8.35 per cent from existing 9.05 per cent.
Three year MCLR has been revised to 8.50 per cent from 9.05 per cent.
Flush with higher deposits, banks have been reducing their MCLRs.
Following SBI, many banks like HDFC Bank, Canara Bank, Union Bank, Kotak Mahindra Bank, among others have reduced their lending rates.
Housing finance companies HDFC, Indiabulls Finance have also cut their home loan rates.