Bank of Baroda reduces MCLR rates for tenors below one year
Mumbai: State-run Bank of Baroda (BoB) has reduced its marginal cost of funds-based lending rates (MCLR) for tenors under one-year by 10-25 basis points.
For three-months and six-months tenors, the bank has revised it’s MCLR rates to 7.95% and 8.15%, respectively. The overnight and one month rates stands at 7.80% and 7.85%, respectively. One-year MCLR rate of the bank continues to be at 8.30%, the bank said in a statement on Monday.
The one-year MCLR rate is applicable irrespective of the total home loan amount and is available for a tenor of up to 30 years, it said. BoB has also decided to discontinue the computation and declaration of MCLR for tenors above one year.
“We had three- and five- year MCLR rates, but it was never used. Just to comply with the RBI guidelines, we have decided to keep only MCLR rates of five tenors,” its executive director Mayank K. Mehta said.