Bank of Baroda, Canara Bank revise loan interest rates

Many loans which are linked to marginal cost of lending rates (MCLR) will be changed on a monthly basis. Banks updated the rates on their website. Various consumer loans such as car loan, personal loan is linked to one-year MCLR of bank. So, one needs to keep a tab when applying for loan. Bank of Baroda has hiked MCLR By 5 basis points (bps) on various tenures and Canara Bank also hiked 5 bps on various tenors.

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Bank of Baroda lending rates January 2024
Bank of Baroda (BoB) has revised its MCLR with effect from January 12, 2023. The overnight MCLR increased to 8.5% from 8%. The one-month MCLR is unchanged at 8.3%. The three-month MCLR is unchanged at 8.4%. The six-month MCLR is increased by 5 bps to 8.60% from 8.55%. The one-year MCLR is 8.80% from 8.75%.

Latest Canara Bank lending rates

The bank has hiked its marginal cost of lending (MCLR) based lending rates by 5 basis points across various tenors with effect from January 2023. The overnight rate is 8.05% from 8%. The one-month rate is 8.15% from 8.1%. The three-month rate is 8.25% from 8.20%. The six-month rate is increased from 8.55% to 8.60%. The one year rate is 8.80 from 8.75%. The two year rate increased to 9.10%. The three-year rate is 9.20%.
Canara Bank Repo Linked Lending rate (RLLR) with effective from January 12 is 9.25%.