Among other tenors, the lending rate for six months will be 9.20%; three month 9.15%, while overnight rate is fixed at 9%. Photo: Pradeep Gaur/MintNew Delhi: State-owned Bank of Baroda on Saturday reduced the marginal cost of fund (MCLR) based interest rates by 10 basis point across different tenors with effect from 7 November. “We wish to inform you that the bank has revised MCLR with effect from November 7, 2016,” it said in a regulatory filing. Among other tenors, the lending rate for six months will be 9.20%; three month 9.15%, while overnight rate is fixed at 9%. MCLR is the new benchmark lending rate and replaces the base rate for new borrowers.

Source: Mint November 05, 2016 14:23 UTC