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Bank of Baroda raises interest rate by 0.1%

The bank further said it does not add any mark-up on its MCLR for its best-rated home loan borrowers.

November 06, 2018 / 07:52 PM IST
 
 
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State-owned Bank of Baroda has hiked its MCLR by 0.1 percent across various tenures effective from November 7, making home and auto loans expensive.

The interest rate for different categories of borrowers are pegged at the marginal cost of funds based lending rate (MCLR).

"MCLR has been reviewed at 10 BPS above existing level w.e.f. November 7, 2018," the bank said in a statement.

The bank's one-year MCLR will be 8.65 percent, which is competitive as per the current market scenario, it said.

For all other tenors -- overnight, one month, three months and six months -- rates are 8.15 percent, 8.20 percent, 8.30 percent and 8.50 percent, respectively.

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The bank further said it does not add any mark-up on its MCLR for its best-rated home loan borrowers.

One-year MCLR, that is 8.65 percent, is applicable irrespective of the total home loan amount and is available for a tenure of up to 30 years, it added.

Bank of Baroda had posted an increase of 19.7 percent in September quarter profit at Rs 425.38 crore as it marginally improved its NPA (non-performing assets) position.

Its profit stood at Rs 355.36 crore in the July-September quarter of 2017-18.

The scrip of the bank closed at Rs 110.5 apiece on the BSE, down 0.76 percent.
PTI
first published: Nov 6, 2018 07:41 pm

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