State-owned Bank of Baroda on Wednesday announced that it has reduced its marginal cost of funds based lending rate by 0.05 per cent across all tenors. According to the bank’s press release the new lending rates will be effective from November 12.
With this latest cut, the bank aims to reduce the burden on borrowers.
The one-year tenor has been reduced to 7.45 per cent from 7.5 per cent. This is usually the benchmark for all consumer loans such as auto, retail, housing.
The overnight to six-month tenor loans, the MCLR has been cut to 6.60-7.30 per cent, the bank said.
Shares of Bank of Baroda were trading 1.66 per cent lower at Rs 47.50 apiece on the BSE.