revised its marginal cost of funds-based lending rates (MCLR). The bank’s one-year MCLR is now 7.45 percent. The new rates are effective from June 11, 2022.
Union Bank of India MCLR
Bank of Baroda MCLR
Banks will have to set interest rates for different sorts of customers on the MCLR and their risk factors. The banks usually set the reference of MCLR for one year tenor. The actual hike in your EMI outgo will depend on MCLR + margin charged by the bank.
The Reserve Bank of India (RBI) on June 8, 2022 in its Monetary Policy Committee unanimously opted to raise the benchmark interest rate by 50 basis points, effective immediately.
, have already increased their MCLR rates after the RBI repo rate hike.