State-owned Bank of Baroda (BoB) on Monday said it has increased the marginal cost of funds based lending rates by 0.05 per cent for the period with effect from April 12, 2022.
The benchmark one-year tenor MLCR will increase to 7.35 per cent. The bank has approved the review of Marginal Cost of Funds Based Lending Rate (MCLR) with effect from April 12, 2022, BoB said in a regulatory filing.
The overnight, one-month, three-month and six-month MCLR has been increased by 0.05 per cent to 6.50 per cent, 6.95 per cent, 7.10 per cent and 7.20 per cent, respectively.
The benchmark one-year tenure MCLR will make consumer loans like personal, auto and home loans costlier among others.
Notably, the Reserve Bank in its monetary policy last week Repo rate unchanged at 4 percentHowever, it was said to give priority to inflation Geopolitical tensions have fueled a rise in prices around the world.
Shares of Bank of Baroda were trading at Rs 121.65, up 1.08 per cent from the previous close.