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BoB raises lending rates by up to 0.2%; home, auto and other loans to be expensive

Interest rate on one-year tenure will go up by 0.1 percent to 8.75 percent.

BoB raises lending rates by up to 0.2%; home, auto and other loans to be expensive

New Delhi: Ahead of the monetary policy review, state-owned Bank of Baroda (BoB) Tuesday increased its lending rates by up to 0.2 percent, a move that will make home, auto and other loans expensive.

The bank has revised the marginal cost of funds-based lending rate (MCLR) with effect from Thursday, BoB said in a statement.

The MCLR for a three-month tenor increased to 8.50 percent from the existing 8.30 percent and for six-month maturity, it will go up to 8.70 percent from the current 8.50 percent.

Interest rate on one-year tenure will go up by 0.1 percent to 8.75 percent.

Most of the retail loans are benchmarked against one-year MCLR.

The RBI is schedule to unveil its sixth bi-monthly monetary policy on Thursday.