Bank of Barod Hikes Interest Rates: All the banks are continuously increasing the interest rates since the repo rates were increased by the Reserve Bank of India. Public sector Bank of Baroda has also increased the loan rates from today i.e. from Tuesday i.e. from now on you will get costlier loan than before. Apart from this, your EMI will also increase. If you are also planning to take a loan (bank of baroda new loan rates) from BOB or you have taken it, then know how expensive your loan has become-
Loan became costlier by 0.10 percent
After the increase in the policy repo rate, the bank said that they have also increased their loan rates by 0.10 percent. Bank of Baroda has also informed the stock market about this. The bank said that the MCLR has been increased by 0.1 percent.
New rates will be applicable from May 12
Let us tell you that the new interest rates of the bank will be applicable from May 12. The bank has revised the one-year MCLR to 7.40 percent. At the same time, till now the customers of the bank were repaying the loan at the rate of 7.35 percent. Most of the bank’s consumer loans fall under this category.
How much did the rates for which period become?
The MCLR for three months and six months has also been reduced to 7.15 per cent and 7.25 per cent respectively. With this, the rates of one day and one month MCLR based loans have been increased from 0.10 percent to 6.60 percent and 7.05 percent respectively.
Loans become costlier after repo rate hike
This decision of Bank of Baroda is related to the decision of Reserve Bank of India to increase the repo rate by 0.40 percent on May 4. Before this, many other banks have also increased their interest rates. Meanwhile, Bajaj Finance Limited, a part of Bajaj Finserv, has announced an interest rate hike of up to 0.10 per cent on its Fixed Deposits (Bank FDs) of up to 3-5 years.
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