Bank of Baroda has decided to hike rates.
The central bank RBI on Wednesday announced an increase in the repo rate and since then banks are making loans expensive. On Wednesday, two banks PNB and Bank of India made loans expensive and today (June 10) Bank of Baroda (Bank of Baroda- BOB) also increased the loan based on Marginal Cost of Funds Based Lending Rate (MCLR) i.e. Marginal Cost of Funds. Decided to hike rates. The bank has given this information in the stock exchange filing. The increased rates will be effective from June 12. According to the period, the country’s third largest bank in the public sector, BOB, has increased the rates by 0.10-0.20 percent.
Taking loans from PNB and Bank of India after the increase in repo rate is expensive, know when the new rates will be applicable
Now the rates will be so much
| MCLR tenure | Existing MCLR (%) | New rates (effective from June 12) (%) |
| overnight | 6.60 | 6.80 |
| a month | 7.05 | 7.20 |
| three months | 7.15 | 7.25 |
| six months | 7.25 | 7.35 |
| one year | 7.40 | 7.50 |
Repo rate hiked by 0.50 percent
The RBI on Wednesday decided to increase the repo rate by 0.50 percent in the monetary policy meeting to be held every two months. After this hike, the repo rate has increased to 4.90 percent. The repo rate was increased by 40 basis points last month i.e. in May, after which it was 4.40 percent. This means that the repo rate has increased by 0.90 percent in 2 times since May.
RBI hikes interest rates, repo rate increases by 50bps to 4.90%, GDP growth forecast at 7.2% in FY23
www.financialexpress.com
