Bank of Baroda slashes MCLR by 0.15% across tenors with effect from 12 April; consumer loans to become cheaper

New Delhi: State-owned Bank of Baroda on Thursday announced to cut marginal cost of funds based lending rate by 0.15 percent across all tenors, which will bring down cost of consumer loans. [caption id=“attachment_4852811” align=“alignleft” width=“380”] Representational image. Reuters.[/caption] “The bank has revised marginal cost of funds based lending rate (MCLR) with effect from 12 April 2020,” Bank of Baroda said in a regulatory filing. The one-year tenor– which is the benchmark for all consumer loans such as auto, retail, housing – has been reduced to 8 percent from 8.15 percent. Among others, from overnight to six-month tenor loans, the MCLR has been cut to 7.40-7.85 percent, the bank said. This follows country’’s largest lender SBI’s MCLR cut earlier this week by 35 basis points or 0.35 percent across tenors. Stock of Bank of Baroda closed 5.28 percent down at Rs 50.85 apiece on the BSE.