Regardless of Reserve Bank of India (RBI) keeping its repo rate constant at 6.5 per cent, Bank of Baroda raised its MCLR across four tenors by 5 basis points with effect from today i.e., April 12, 2024. Bank of Baroda’s base rate is now 9.40 percent with effect from Friday. Additionally, BPLR for all the existing accounts …
A number of banks recently revised their marginal cost of funds-based lending rates (MCLR) despite the Reserve Bank of India (RBI) keeping its repo rate constant since Feb 2023. This means the EMIs (equated monthly instalments) of loans such as personal or auto loans that are linked to MCLR are set to go up. The …
Private sector lender ICICI Bank and public lender Punjab National Bank (PNB) have hiked their marginal cost-based lending rates (MCLR), even though the Reserve Bank of India (RBI) retained the policy rate on August 10. The move will make EMIs linked to MCLR expensive. The one-year tenor MCLR is the rate against which most consumer …