The public sector Bank of Baroda on Wednesday announced a 0.55 percent reduction in the marginal cost money-based lending rate (MCLR) for various periods.
Bank of Baroda told the stock market, "The bank has revised the marginal cost money-based lending rate (MCLR), which is in force from November 12, 2020."
Under this, the revised one-year MCLR will be 7.45 percent instead of 7.5 percent. This rate is the standard for all consumer loans such as auto, retail, housing. For loans ranging from one day to six months, the MCLR has been reduced from 6.60 to 7.3 percent.