Higher costs for consumer loans! Canara Bank, Bank of Baroda and UCO Bank hike MCLR

New Delhi: Public Sector Banks, including Canara Bank, Bank of Baroda, and UCO Bank, have increased their Marginal Cost of Funds-based Lending Rates (MCLR) in different tenures.

UCO Bank hikes MCLR

UCO Bank increased its lending rates by 5 basis points, effective from August 10, 2024. The new six-month MCLR stands at 8.80 per cent. UCO Bank in its exchange filing mentioned that it increased MCLR for the one-month tenor from 8.3 per cent to 8.35 per cent, and the one-year MCLR from 8.9 per cent to 8.95 per cent. The PSU revised Treasury Bill Benchmark Lending Rate (TBLR) for one month from 6.85 per cent to 6.7 per cent, and for 12 months from 7.0 per cent to 6.9 per cent.

Bank of Baroda hikes MCLR

Bank of Baroda, in its filing with the exchange, informed that it revised MCLR for the 3-month tenor to 8.5 per cent from 8.45 per cent, and the six-month tenor to 8.75 per cent from 8.7 per cent. For one year, it is 8.95 per cent.

Canara Bank MCLR hike

Canara Bank increased MCLR. In its exchange filing, the lender stated that the revised rate in the three-month tenor now stands at 8.45 per cent, whereas earlier it was 8.4 per cent. The one-year MCLR is 9.0 per cent, up from the old rate of 8.95 per cent.

The existing borrowers of Canara Bank shall have an option to switch over to interest rates linked
to MCLR (other than Fixed Rate Loans).

Recently, SBI, PNB, Kotak Mahindra Bank hiked MCLR rate.

What is MCLR

Marginal Cost of Funds based Lending Rate is the minimum lending rate below which a bank or a  financial institution cannot lend you loans. The lenders calculate the MCLR to fix the interest rate at which they will be able to lend.

 Canara Bank, Bank of Baroda and UCO Bank have hiked Marginal Cost of Funds-based Lending Rates (MCLR).  Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today