Bank Of Baroda Cuts MCLR By Up To 10 Basis Points
Money & Banking
PTI
New Delhi |
Updated on
February 10, 2020
Published on
February 10, 2020
State-owned Bank of Baroda on Monday announced cut in its marginal cost of funds-based lending rates (MCLR) by up to 10 basis points, effective February 12.
The reduction will make home, auto and other loans cheaper for new borrowers.
With this reduction, the one-year MCLR has come down to 8.15 per cent per annum from 8.25 per cent, according to a bank statement.
The reduction in MCLR by the bank comes a day after the Reserve Bank of India left the repo rate unchanged at 5.15 per cent but announced long-term repo operation for up to Rs 1 lakh crore, making the cost of funds cheaper for banks.
While the one-month MCLR has been reduced by five basis points to 7.55 per cent, overnight, three- and six-month rates were down by ten basis points, it said.
Last week, market leader State Bank of India (SBI) announced five basis points (bps) reduction in its MCLR across tenors, effective February 10.
This was the ninth consecutive cut in MCLR by the bank in the current financial year.
Published on
February 10, 2020
PTI
New Delhi |
Updated on
State-owned Bank of Baroda on Monday announced cut in its marginal cost of funds-based lending rates (MCLR) by up to 10 basis points, effective February 12.
The reduction will make home, auto and other loans cheaper for new borrowers.
With this reduction, the one-year MCLR has come down to 8.15 per cent per annum from 8.25 per cent, according to a bank statement.
The reduction in MCLR by the bank comes a day after the Reserve Bank of India left the repo rate unchanged at 5.15 per cent but announced long-term repo operation for up to Rs 1 lakh crore, making the cost of funds cheaper for banks.
While the one-month MCLR has been reduced by five basis points to 7.55 per cent, overnight, three- and six-month rates were down by ten basis points, it said.
Last week, market leader State Bank of India (SBI) announced five basis points (bps) reduction in its MCLR across tenors, effective February 10.
This was the ninth consecutive cut in MCLR by the bank in the current financial year.
Published on
Military Community Shows Financial Resilience, Growing Savings By 19% And Cutting Credit Card Balances By 23% Over Last Five Years, New USAA Bank Data Shows
USAA’s Military Financial Wellbeing Index highlights the impact of pandemic-era trends and inflation on service member... Read more
USAA Announces Scholarship For Military Spouses With Valero Alamo Bowl
San Antonio-area military spouses qualify to apply for a $7,500 scholarship. Read more
USAA Ranked #1 In Customer Satisfaction And Most Trusted On 2024 J.D. Power Individual Annuity Study
Nov 01 2024 SAN ANTONIO – USAA, a leading provider of insurance, banking, and retirement... Read more
USAA Calls For National Moment Of Veteran Connection On Veterans Day
On Nov. 11, “Connect with a Veteran” calls for all Americans to “Go Beyond Thanks” to show appreciation for thei... Read more
Two Way Street: New Survey From USAA Shows Driving Apps Help Connect Parents And Young Drivers On Importance Of Safe Driving, Leading To Safer Roads
Data Reveals 87% of App-Using Parents Feel Their Child’s Driving Improved, Citing Increased Awareness and Feedback Read more
USAA Named UTSA Athletics Official Military Appreciation Partner
Exciting new initiatives planned as part of partnership Read more