BoB increases MCLR, BoM reduces: The banks have been gradually raising interest rates since the RBI changed the repo rate. However, the Bank of Maharashtra has unexpectedly lowered the interest rate.
Customers of a major government bank in the nation have received shocks, as have those of other banks. Numerous consumers of Bank of Baroda and Bank of Maharashtra are affected by this news. The MCLRs of both banks have been modified. The MCLR of one has gone up, while the other has gone down. Customers of the bank are asking, “Yeh kya Khel hai?” in response to this.
Changes made as of right now
For certain tenor loans, the Bank of Baroda (BoB) has raised the marginal cost-based lending rate (MCLR) by 0.15 percent. Beginning today, July 12, the bank’s modification is in force. According to information provided to the stock market by the Bank of Baroda, the bank has approved the hike in MCLR, which will take effect on July 12, 2022.
EMI will be higher than it was previously.
According to the Bank of Baroda, the one-year MCLR has increased from 7.50 percent to 7.65 percent for the majority of loans, including auto, housing, and personal loans. Aside from that, the MCLR will be 7.35 percent and 7.45 percent, respectively, for loans with terms of three and six months. There has been a 10 basis point increase in these. This news from the Bank of Baroda is shocking. Due to this, consumers’ EMIs will now be higher than they were previously.
The Bank of Maharashtra’s revised rates is now in effect as of yesterday. In the information provided to the stock market, the Bank of Maharashtra stated that the new rates would be in effect starting on July 11, 2022. The MCLR has been decreased by 20 paise for a one-year term, according to the bank. From 7.70 to 7.50 percent, it has decreased.
Similar to this, the MCLR for a six-month period has also decreased by 0.20 percent; it is now 7.40 percent. The interest rate over a three-month period has decreased concurrently from 0.35 percent to 7.20 percent.
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