Bank of Baroda has recently raised its Marginal Cost of Funds Based Lending Rate (MCLR) by 0.05%, effective from 9 July 2024.
This adjustment impacts various loan products offered by the bank, including home loans, car loans, and personal loans, making borrowing more expensive due to higher interest rates.
Impact on Loans and EMIs
The increase in MCLR directly affects the interest rates applied to loans. Consequently, customers taking out new loans or those with existing loans may experience higher EMIs (Equated Monthly Installments)
for their home, car, and personal loans. Here’s how the new MCLR rates compare with the previous rates:
Updated MCLR Rates
The revised MCLR rates are as follows:
Overnight: 8.15% (Previously 8.10%)
One Month: 8.35% (Previously 8.30%)
Three Months: 8.45%
Six Months: 8.70% (Previously 8.65%)
One Year: 8.90% (Previously 8.85%)
These adjustments reflect Bank of Baroda’s response to changes in market conditions and its cost of funds, affecting borrowers’ financial planning and loan repayments.
This version retains all the information while presenting it in a simplified and structured manner with clear headings.
