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Bank of Baroda has decided to cut its marginal cost of funds based lending rate (MCLR) by 5 to 20 basis points across various tenors with effect from December 12.
This cut comes in the wake of ample liquidity in the banking system. With this cut, the benchmark one-year MCLR will come down to 8.25 per cent from 8.30 per cent now.
With fresh floating rate loans in the retail and MSME segments being linked to repo by banks with effect from October 1, any cut in MCLR will benefit only those borrowers who have taken loans based on this benchmark prior to October 1.
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