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Home / Industry / Banking /  EMIs headed up as Bank of Baroda hikes MCLR by 5-20 bps
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Your EMIs are set to increase as state-run Bank of Baroda (BoB) on Wednesday hiked MCLR (marginal cost of funds-based lending rate) by 5-20 bps. The revised MCLR will take effect from 12 August, 2022.

In a regulatory filing, BoB said, "We advise that the Bank has approved the revision in Marginal Cost of Funds Based Lending Rate (MCLR) w.e.f. 12th August 2022."

The overnight MCLR rate has been raised from 6.80% to 6.85%, a 5 basis point increase. MCLR for one month has been hiked to 7.40% from 7.20%, a 20 basis point increase. The 3-month MCLR rate has been increased from 7.35% to 7.45%, a 10 basis point increase, and the six-month MCLR rate has been raised from 7.45% to 7.55%, a 10 basis point increase. The interest rate on the one-year MCLR has been raised to 7.70% from 7.65%, a 5 basis point increase.

Shares of Bank of Baroda ended at 118.55, up by 0.25% on the NSE.

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