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Bank of Baroda MCLR Rates, Bank of Baroda Base Rate – Jul 2021

Bank of Baroda MCLR Rate

Last Updated 16th Jul 2021

Current MCLR rate of Bank of Baroda ranges from 6.55% to 7.35% varying by reset frequency of the loan. Bank of Baroda revises MCLR rates on a monthly basis and benchmark its interest rates for home loan and other loans to MCLR rates of different tenors.

Tenure wise MCLR Bank of Baroda Rate Today
Overnight 6.55%
1 Month 7.00%
3 Month 7.10%
6 Month 7.20%
1 Year 7.35%
Bank of Baroda Base Rate 8.15%
Apply for Home Loan @ 6.65% *

Bank of Baroda Interest Rates

Bank of Baroda offers the following loans to its customer on these rates currently:

Home Loan Interest Rates 6.75% * Floating Detail
Personal Loan Interest Rates 10.50% to 12.50% Detail
Car Loan Interest Rates 7.25% to 10.25% Detail
Business Loan Interest Rates 14.10% to 14.10% Detail
Fixed Deposit Interest Rates 2.80% to 5.25% Detail
Saving Account Interest Rates 2.75% to 3.20% Detail
RD Interest Rates 3.70% to 5.25% Detail

MCLR of Bank of Baroda

Bank of Baroda revises its MCLR rate on a monthly basis. Latest MCLR rates of Bank of Baroda as announced on 12 Jun 2021 are:

  • Overnight MCLR Rate is 6.55%.
  • 1 Month MCLR Rate is 7.00%.
  • 3 Month MCLR Rate is 7.10%.
  • 6 Month MCLR Rate is 7.20%.
  • 1 Year MCLR Rate is 7.35%.
  • 2 Year MCLR Rate is 0.00%.
  • 3 Year MCLR Rate is 0.00%.
  • 5 Year MCLR Rate is 0.00%.

Bank of Baroda MCLR Rate Trend

Date Bank of Baroda MCLR
12th Jun 21 Overnight : 6.55%
1 Month : 7.00%
3 Month : 7.10%
6 Month : 7.20%
1 Year : 7.35%
12th May 21 Overnight : 6.55%
1 Month : 7.00%
3 Month : 7.15%
6 Month : 7.25%
1 Year : 7.40%
12th Apr 21 Overnight : 6.55%
1 Month : 7.00%
3 Month : 7.15%
6 Month : 7.25%
1 Year : 7.40%
12th Feb 21 Overnight : 6.55%
1 Month : 7.00%
3 Month : 7.15%
6 Month : 7.25%
1 Year : 7.40%
12th Jan 21 Overnight : 6.55%
1 Month : 7.00%
3 Month : 7.15%
6 Month : 7.25%
1 Year : 7.40%
12th Dec 20 Overnight : 6.55%
1 Month : 7.00%
3 Month : 7.15%
6 Month : 7.25%
1 Year : 7.40%
12th Nov 20 Overnight : 6.60%
1 Month : 7.05%
3 Month : 7.20%
6 Month : 7.30%
1 Year : 7.45%
12th Oct 20 Overnight : 6.65%
1 Month : 7.10%
3 Month : 7.25%
6 Month : 7.35%
1 Year : 7.50%
12th Sep 20 Overnight : 6.70%
1 Month : 7.10%
3 Month : 7.25%
6 Month : 7.40%
1 Year : 7.55%
12th Aug 20 Overnight : 7.00%
1 Month : 7.15%
3 Month : 7.30%
6 Month : 7.45%
1 Year : 7.60%
  • Effective 1st April 2016, Bank of Baroda has been directed by RBI to fix its loan interest rates benchmarked to MCLR rate which is based on its marginal cost of funds. Earlier, the bank fixed its loan interest rates to Base Rate, which was based on total cost of funds of the bank. Bank of Baroda MCLR rates for different tenors range from 6.55% to 7.35%.
  • RBI allows banks to set their own MCLR Rate based on their marginal cost of funds which means the cost of raising new funds for the bank. So, Bank of Baroda decides and announces its MCLR rate regularly based on prescribed formula and policy rate changes by RBI in its monetary policy.
  • Note that the RBI does not decide the MCLR Rate of any bank. RBI only announces the repo rate, which influences the cost of raising new funds for the bank. Banks may or may not decide to change their MCLR rate in response to changes in the repo rate. For instance, Bank of Baroda may decide to bring a lower cut in their MCLR rate compared to a Repo Rate cut. If RBI cuts the repo rate by 50 basis points or 0.5%, Bank of Baroda may decide to cut its MCLR rate only by 0.25% based on its internal funding and liquidity position. Hence, it is important to compare the MCLR rate change of Bank of Baroda with that of RBI Repo Rate and MCLR Rate changes of other banks before taking a decision to take a loan from Bank of Baroda.
  • MCLR rate can be revised by Bank of Baroda every month. However, it is not mandatory for Bank of Baroda to revise its rate every month and it may choose to retain the same rate for a longer period keeping them unchanged.
  • As per the latest regulations given by RBI, with effect from April 1, 2019, all floating interest rates on retail loans are to be linked to external benchmark lending rates. These could be the RBI's repo rate, three-month treasury bill yield, six-month treasury bill yield or other benchmark rate published by the Financial Benchmarks India Pvt Ltd.This was done in view to promote the easier transmission of reduced interest rates to customers, which was not well done when rates were linked to MCLR.

Bank of Baroda Home Loan Interest Rate and MCLR

  • Every floating rate loan sanctioned by Bank of Baroda is benchmarked to its MCLR Rate for a particular tenure, say 1 month or 3 month or 6 months.
  • Shorter duration loans such as cash credit, OD facility, personal loans are linked to short tenure MCLR rate while longer duration loans such as home loan, loan against property, vehicle loan are linked to longer duration MCLR rates.
  • The applicable rate of interest on a floating rate loan will consist of two parts - the applicable benchmark rate and the spread or margin above the benchmark.

Compare Bank of Baroda MCLR Rates with Other Banks

About Bank of Baroda

  • Bank of Baroda's registered office is located at Baroda Bhavan, R C Dutt Road, Alkapuri, Baroda - 390007 .
  • Bank of Baroda's management is led by its CEO Mr. Sanjiv Chadha.
  • Its current Base Rate is 8.15%, which was last revised on 01st Jul 20.

FAQs

What is the MCLR of Bank of Baroda?

Bank of Baroda MCLR ranges between 6.55% to 7.35% for a tenure ranging between 1 month to 5 years.

What is the current Bank of Baroda MCLR rate?

Current Bank of Baroda, overnight tenure is 6.55%, 1 month mclr is 7.00% , three month mclr is 7.10%, six month mclr is 7.20%, one year tenure is 7.35% and two year tenure is 0.00%.

What is Bank of Baroda base rate?

Currently, Bank of Baroda offers loans at a base rate of 8.15%.


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Bank of Baroda News - Jul 2021
  • 2021-07-16 : Amalgamation of Bank of Baroda, erstwhile Vijaya Bank and erstwhile Dena Bank
    Bank of Baroda, on its website, stated that the IFSC codes of the erstwhile Vijaya Bank and Dena Bank were discontinued on March 1, 2021. Customers have been asked to apply for cheque books with the new MICR code at the earliest.
  • 2021-06-11 : Bank of Baroda’s MCLR rates revised
    Bank of Baroda revised its MCLR on June 10, 2021. The 1-year MCLR has been reduced by 0.05 per cent. The change will come into effect from 12 June 2021 and upon revision, the current MCLR stands at 7.35%.
  • 2021-04-16 : Bank of Baroda revised MCLR for the month of April
    With effect from 12 April 2021, the Bank of Baroda revised its Marginal Cost of Lending Rates(MCLR). The new overnight MCLR is 6.55%, it is 7% for one month and stands at 7.15% for three months. Further, the rate for six months and one year is 7.25% and 7.40%, respectively.
  • 2021-01-29 : Bank of Baroda revised MCLR
    With effect from 12 Jan 2021, Bank of Baroda revised its MCLR. The new overnight MCLR is 6.55%, it is 7% for one month and stands at 7.15% for three months. Further, the rate for 6 months and 1 year is 7.25% and 7.40%, respectively.
  • 2020-10-21 : Revised MCLR for Bank of Baroda
    Bank of Baroda revised its MCLR. The new overnight MCLR is 6.65%, it is 7.10 for one month and stands at 7.25% for three months. Further, the rates for 6 months and 1 year is 7.35% and 7.50%, respectively. The revised rates are in effect from 12 October 2020.
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