Bank of Baroda hikes loan interest rates by up to 15 bps

Bank of Baroda has given a big blow to its customers. The bank has increased the interest rates on the loan. 

Now, customers will have to pay the bank’s home loan with an increased EMI. The country’s largest PSU bank has increased its MCLR by 0.15 per cent. This increase in interest rate has been done for loans of different tenures.

Bank of Baroda said, “The bank has approved revision of MCLR based interest rate with effect from November 12, 2022,” it said. Since May this year, private and public sector banks have increased their lending and deposit rates. This has happened due to the continuous increase in the repo rate.