Any increase or reduction in MCLR by banks also affects new and existing creditors. Under this, the MLCR will increase to 7.35 percent for a period of one year.
public sector Bank Of Baroda ,Bank of BarodaBig news for the customers. BOB (BOB) on Monday quoted Marginal Cost of Funds Best Lending Rates (MCLR) has increased. The bank has increased the MCLR by 0.05 percent with effect from 12 April 2022. Under this, the MLCR will increase to 7.35 percent for a period of one year. Let us tell you that most of the consumer loans like home loan, auto loan and personal loan are on the basis of one year MCLR. The bank informed the stock market that it has approved the review of MCLR, which will be effective from April 12, 2022.
Let us tell you that any increase or reduction in MCLR by banks after April 2016 also affects new and existing creditors. MCLR was implemented in the banking system from 1st April 2016. This is considered the minimum rate for the loan.