Bank of Baroda, Union Bank of India revise MCLR: Check new rates


has raised its marginal cost of funds-based lending rates (MCLR) by 10 to 20 basis points across all tenures. According to information on the bank’s website, the bank’s one-year MCLR is now 7.50 percent. The new rates are effective from June 12, 2022.
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

banofbaroda-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.

Banks including

, have already increased their MCLR rates after the RBI repo rate hike.



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