Loans procured from THIS national bank will soon get costlier

The loans procured from the Bank of Baroda (BoB) will get expensive from April 12, Tuesday. The lender on Monday said it has raised the marginal cost of funds based lending rates (MLCR) by 0.05 per cent across tenors.

The benchmark one-year tenor MLCR will rise to 7.35 per cent. The state-owned bank has approved the review of MCLR with effect from April 12, 2022, BoB said in a regulatory filing.

READ | THESE government employees likely to receive increased DA in April - Check Eligibility 

Now the overnight, one-month, three-month and six-month MCLRs have been hiked by 0.05 per cent each to 6.50 per cent, 6.95 per cent, 7.10 per cent and 7.20 per cent respectively.

Last week, the Reserve Bank of India (RBI) in its monetary policy kept the repo rate unchanged at 4 per cent.

However, the central bank said to prioritise inflation overgrowth going ahead, as the geopolitical tensions have fuelled price rise across the globe.

Shares of Bank of Baroda were trading at Rs 121.65, up 1.08 per cent from the previous close. 

READ | PAN card fraud: Ways to check if your PAN number is misused