Bank of Baroda hikes MCLR across tenors by 0.05 pc

State-owned Bank of Baroda (BoB) on Monday said it has raised the marginal cost of funds-based lending rates by 0.05 percent across tenors with effect from April 12, 2022.

The benchmark one-year tenor MLCR will rise to 7.35 percent The bank has approved the review of the marginal cost of funds-based lending rate (MCLR) with effect from April 12, 2022, BoB said in a regulatory filing.

The overnight, one-month, three-month and six-month MCLRs have been hiked by 0.05 percent each to 6.50 percent, 6.95 percent, 7.10 percent, and 7.20 percent respectively.

The benchmark one-year tenor MCLR will make consumer loans such as personal, auto, and home loans pricey among others.

Notably, the Reserve Bank in its monetary policy last week kept the repo rate unchanged at 4 percent. However, it is said to prioritize inflation overgrowth going ahead, as the geopolitical tensions have fuelled price rise across the globe.

Shares of Bank of Baroda were trading at Rs 121.65, up 1.08 percent from the previous close.