Bank of Baroda revises MCLR rate by 10 basis points

Bank of Baroda on Saturday trimmed its marginal cost of fund based lending rate (MCLR) by 10 basis points in overall tenor. 

As per the release, overnight tenor's new rate is 9% from existing 9.10%. While that of one month and three months are 9.05% (from 9.15%) and 9.15% (from 9.25%) respectively. 

For half yearly the new lending rate will be available at 9.20% from present 9.30% rate. 

Both one year and three year tenor will have the revised rate of 9.25% from their existing 9.35% rate. 

Further for five-year tenor, the new MCLR rate is 9.45% from current 9.55%. 

These new rates will be in effect from November 7, 2016. 

Indian banks are needed to revise MCLR rate monthly by taking in account factors like the repo rate and other borrowing rates.