Bank of Baroda increases MCLR by 10-15 bps; check latest rates here

Banks have been increasing their loan interest rates since the RBI started hiking the repo rate in May this year. In a recent development, Bank of Baroda has increased its Marginal Cost of Funds Based Lending Rate (MCLR) by 10 to 15 bps across all tenures. The new rates will come into effect on 12 November. The bank has increased its MCLR by 65 bps since June. The bank’s one-year MCLR now stands at 8.05 percent, up from 7.95 percent. The overnight MCLR has been raised 15 bps to 7.25 percent, while the one-month MCLR has been hiked 10 bps to 7.70 percent.

The bank has hiked its three-month MCLR by 10 bps to 7.75 percent, and the six-month MCLR has been increased to 7.95 percent. Currently, the interest rate of the bank ranges between 10.20 percent and 17.55 percent on personal loans.

Bank of Baroda is not the only lender to raise its MCLR. Recently, Bank of Maharashtra also revised its MCLR. The new MCLR rates of the bank came into effect on 7 November. The one-month MCLR has been hiked by 5 bps to 7.5 percent. Rates for other tenors such as overnight, three-month, and six-month have been kept unchanged.

Union Bank of India has also increased its MCLR by 30 bps across all the tenors. The changed rates are effective from 11 November to 10 December. The bank’s overnight MCLR now stands at 7.45 percent, up from 7.15 percent, while the one-month MCLR has been increased to 7.6 percent. The three-month MCLR is 7.80 percent, and the six-month MCLR is 8 percent.

Bank of Baroda’s financials:

Coming back to Bank of Baroda, the lender reported a standalone net profit of Rs 3,312.42 crore, up by 58.70 percent Year-Over-Year (YOY) in Q2FY23. The net interest income rose 34.47 percent YOY to Rs 10,174.46 crore. Globally, the bank saw a rise of 13.6 percent YOY to Rs 10,90,172 crore in deposits. Gross Non-Performing Assets (NPA) stood at 5.31 percent in Q2FY23, falling sharply from 8.11 percent in Q2FY22 and 6.26 percent in Q1FY23.

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