After increasing the interest rate by HDFC Bank, now another government bank has increased them. Now Bank of Baroda (BoB) has also increased the interest rate of the loan by 0.1 percent after the increase in the repo rate. In the information given to the stock market by Bank of Baroda (BoB), it was told that the MCLR has been increased by 0.1 percent.
Along with this, it was told by the bank that the increased interest rates for different times will be applicable from May 12. The one-year MCLR has been changed by the bank to 7.40 percent, it was 7.35 percent so far. Most of the bank's customers fall under this category of loans. Apart from this, the MCLR for 3 months and 6 months has been increased to 7.15 percent and 7.25 percent respectively. With this, the internet rate for one day and one month MCLR based loans has been increased by 0.10 percent to 6.60 percent and 7.05 percent.
Bank of Baroda has taken this decision after the RBI increased the repo rate by 0.40 percent on May 4. Earlier, Indian Overseas Bank, ICICI Bank, HDFC Bank, Canara Bank, Bank of Maharashtra, Karur Vysya Bank etc. have also revised their MCLR and repo rate linked interest rates. Indian Overseas Bank has also changed its external benchmark linked lending rate. It was told by the bank that the lending rate has been revised to 7.25 percent. The new rates have come into effect from May 10. IOB said in the exchange filing, 'Our bank has changed the Repo Linked Lending Rate (RLLR) to 7.25 percent (4.40 percent + 2.85 percent).'