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Bank of Baroda MCLR Rate

Current Bank of Baroda MCLR rates range from 8.05% - 8.80% for different tenures w.e.f 12.01.2024. The MCLR is the minimum interest rate that the bank can charge for its loans. This rate is fixed every month by the bank.

Updated:

MCLR Rate of Top Banks 2024

The Marginal Cost of the Fund-Based Lending Rate (MCLR) is the minimum interest rate that a lender can charge on a specific loan. The MCLR influences the lower limit of the MCLR-based loan interest rate.

Following are Bank of Baroda MCLR and MCLR rates of top banks in India at present:

Bank NameOvernight1 Month3 Months6 Months1 Year2 Years3 Years
Bank of Baroda8.05%8.30%8.40%8.60%8.80%NANA
UCO Bank8.00%8.25%8.40%8.65%8.80%NANA
Yes Bank9.20%9.45%10.00%10.25%10.50%NANA
HDFC Bank8.80%8.80%9.00%9.20%9.25%9.25%9.30%
ICICI Bank8.60%8.60%8.65%9.00%9.10%NANA
SBI8.00%8.20%8.20%8.55%8.65%8.75%8.85%
PNB8.25%8.30%8.40%8.60%8.70%NA9.00%
PSB7.70%7.80%8.30%8.45%8.60%NANA
Axis Bank9.05%9.05%9.15%9.20%9.25%9.35%9.40%
Citibank6.50%6.55%6.75%7.00%6.95%NANA
IndusInd Bank9.05%9.10%9.45%9.85%10.15%10.20%10.20%
IDFC FIRST Bank9.50%9.50%9.75%10.10%10.25%NANA
Bank of India7.95%8.25%8.40%8.60%8.80%NA9.00%
Central Bank of India7.95%8.00%8.35%8.55%8.70%NANA
Federal Bank9.05%9.10%9.15%9.25%8.70%NA9.30%
IDBI Bank7.90%8.05%8.35%8.55%8.60%9.20%9.60%
Indian Overseas Bank8.00%8.20%8.40%8.65%8.80%8.80%8.85%
Canara Bank7.90%8.00%8.15%8.45%8.80% NANA 
Kotak Bank8.50%8.75%8.90%9.20%9.35%9.40%9.50%

You can also Apply for Bank of Baroda Home Loan and check EMI, Interest rate and Eligibility Online to avail offer.

HDFC Home Loan Offer

BOB MCLR Rate Trend

Below is the BOB MCLR trend in the year 2024:

Last MCLR Updated Date TenureMCLR
12.01.2024Overnight8.05%
1 Month8.30%
3 Months8.40%
6 Months8.60%
1 Year8.80%
12.07.2023Overnight7.95%
1 Month8.20%
3 Months8.30%
6 Months8.40%
1 Year8.65%
12.05.2023Overnight7.95%
1 Month8.20%
3 Months8.30%
6 Months8.40%
1 Year8.60%
12.12.2022Overnight7.50%
1 Month7.95%
3 Months8.05%
6 Months8.15%
1 Year8.30%
12.11.2022Overnight7.25%
1 Month7.70%
3 Months7.75%
6 Months7.90%
1 Year8.05%
12.10.2022Overnight7.10%
1 Month7.60%
3 Months7.65%
6 Months7.80%
1 Year7.95%
12.09.2022Overnight7%
1 Month7.50%
3 Months7.50%
6 Months7.65%
1 Year7.80%
12.08.2022Overnight 6.85%
1 Month 7.40%
3 Months7.45%
6 Months7.55%
1 Year7.70%
12.07.2022Overnight 6.80%
1 Month 7.20%
3 Months7.35%
6 Months7.45%
1 Year7.65%
12.06.2022Overnight 6.80%
1 Month 7.20%
3 Months7.25%
6 Months7.35%
1 Year7.50%
12.05.2022Overnight 6.80%
1 Month 7.20%
3 Months7.25%
6 Months7.35%
1 Year7.50%
12.04.2022Overnight 6.50%
1 Month 6.95%
3 Months7.10%
6 Months7.20%
1 Year7.35%
12.03.2022Overnight 6.45%
1 Month 6.90%
3 Months7.05%
6 Months7.15%
1 Year7.30%
12.02.2022Overnight 6.45%
1 Month 6.90%
3 Months7.05%
6 Months7.15%
1 Year7.30%
12.01.2022Overnight 6.45%
1 Month 6.90%
3 Months7.05%
6 Months7.15%
1 Year7.30%

You can also check Bank of Baroda Loan Against Property Online.

Best Loan against Property in India

BOB Home Loan Interest Rate & MCLR

Bank of Baroda used to link its home loan interest rates to Marginal Cost of Funds Based Lending Rate (MCLR) w.e.f. 01.04.2016 till 01.10.2019. Interest rates on all BOB home loans were linked to Bank of Baroda 1 year MCLR till then. 

However, in terms of guidelines issued by the Reserve Bank of India (RBI) regarding the implementation of External Benchmark Based Lending Rates, the bank started linking its home loan interest rates to Baroda Repo Linked Lending Rate (BRLLR). 

For Retail Loans, the current applicable BRLLR is 9.15% w.e.f. 14.02.2023 (i.e. Current RBI Repo Rate of 6.50% + Mark Up/Base Spread of 2.65%).

Rate of interest for Bank of Baroda home loans w.e.f. 14.02.2023 are as follows:

SchemeType of ApplicantRepo Rate + SpreadEffective Interest Rate (per annum)
Baroda Home Loan to Non-Staff membersSalariedBRLLR - 0.75% to BRLLR + 1.45%8.40% - 10.60%
Non-SalariedBRLLR - 0.75% to BRLLR + 1.45%8.40% - 10.60%
Baroda Home Loan to Staff members BRLLR8.85%
Baroda Home Improvement Loan to Non-Staff membersSalariedBRLLR - 0.75% to BRLLR + 1.45%8.40% - 10.60%
Non-SalariedBRLLR - 0.75% to BRLLR + 1.45%8.40% - 10.60%
Baroda Home Improvement Loan to Staff members BRLLR8.85%
Baroda Home Loan Advantage - Up to Rs. 75 LakhsSalariedBRLLR - 0.75% to BRLLR + 1.45%8.40% - 10.60%
Non-SalariedBRLLR - 0.75% to BRLLR + 1.45%8.40% - 10.60%
Baroda Home Loan Advantage - Above Rs. 75 LakhsSalariedBRLLR - 0.05% to BRLLR + 1.70%8.65% to 10.85%
Non-SalariedBRLLR - 0.05% to BRLLR + 1.70%8.65% to 10.85%

Compare Best Home Loan Interest Rates @8.50% from multiple Banks and NBFCs Online.

Bank of Baroda 1 Year MCLR

As of now, the 1-year MCLR Bank of Baroda is 8.80% effective from Jan 12, 2024. The MCLR of Bank of Baroda is updated every month on the 12th. Even a little change in the MCLR rate can affect your BOB loan interest rate significantly. Hence, you must check the updated MCLR every month. 

Following is the 1-year Bank of Baroda MCLR history for the year 2024:

Date of UpdateTenureMCLR
12.01.20241 Year8.80%
12.07.20231 Year8.65%
12.05.20231 Year8.60%
12.04.20231 Year8.60%
12.01.20221 Year7.30%
12.02.20221 Year7.30%
12.03.20221 Year7.30%
12.04.20221 Year7.35%
12.05.20221 Year7.50%
12.06.20221 Year7.50%
12.07.20221 Year7.65%
12.08.20221 Year7.70%
12.09.20221 Year7.80%
12.10.20221 Year7.95%
12.11.20221 Year8.05%
12.12.20221 Year8.30%
12.04.20231 Year7.95%

Bank of Baroda MCLR Base Rate History

There has been a frequent change in the MCLR rate Bank of Baroda this year. Following is the BOB MCLR rate history for the year 2024: 

Last MCLR Updated Date MCLR
12.01.20248.05% - 8.80%
12.07.20237.95% - 8.65%
12.05.20237.95% - 8.60%
12.04.20237.95% - 8.60%
12.12.20227.50% - 8.30%
12.11.20227.25% - 8.05%
12.10.20227.10% - 7.95%
12.09.20227.00% - 7.80%
12.08.20226.85% - 7.70%
12.07.20226.80% - 7.65%
12.06.20226.80% - 7.50%
12.05.20226.80% - 7.50%
12.04.20226.50% - 7.35%
12.03.20226.45% - 7.30%
12.02.20226.45% - 7.30%
12.01.20226.45% - 7.30%

Latest MCLR Loan Interest Rates of SBI, ICICI Bank, HDFC Bank

Following are the latest MCLR loan interest rates of SBI, ICICI Bank, HDFC Bank:

Bank NameOvernight1 Month3 Months6 Months1 Year2 Years3 Years
HDFC Bank8.80%8.80%9.00%9.20%9.25%9.25%9.30%
ICICI Bank8.60%8.60%8.65%9.00%9.10%NANA
SBI8.00%8.20%8.20%8.55%8.65%8.75%8.85%

Bank of Baroda MCLR Rate FAQs

What is MCLR rate of BOB bank?

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The current MCLR rate of BOB Bank is as follows w.e.f. 12.01.2024:

Overnight8.05%
1 Month8.30%
3 Months8.40%
6 Months8.60%
1 Year8.80%

What is MCLR and BRLLR?

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MCLR is the rate below which a bank cannot charge interest on a loan from its customers. MCLR is set by the bank according to the guidelines set by the RBI. It is usually revised half-yearly or on an annual basis. BRLLR is linked to the Repo Rate set by RBI and is revised from time to time. Every bank has a different BRLLR. The BRLLR is changed every time there is a change in Repo Rate.

Which is better MCLR or RLLR?

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RLLR is an external benchmark linked to RBI’s Repo Rate. If there is a change in the RBI’s Repo Rate, it would also affect your loan interest rate. There is greater standardisation and transparency if borrowers get loans linked to RLLR. MCLR is an internal benchmarking wherein the bank sets its rate of interest considering its own cost of funds. Not just the Repo Rate, but other factors like banking system liquidity, low-cost deposits, etc., also affect the interest rate.

Is Bank Rate and MCLR same?

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Functionally, both are similar, as both function as the lower limit of interest rates that a lender can charge the borrower.

What is the MCLR rate of SBI?

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The current MCLR rate of SBI is as follows:

Overnight1 Month3 Months6 Months1 Year2 Years3 Years
8.00%8.20%8.20%8.55%8.65%8.75%8.85%

What is MCLR and Base Rate?

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Both MCLR and Base Rate are based on the same concept; however, the base rate is determined based on the average cost of funds, whereas the MCLR is based on the incremental or marginal cost of funds. The base rate is calculated by taking into consideration the minimum rate of return or profit margin.

How is MCLR calculated?

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MCLR is calculated based on the loan tenure, i.e. the length of time in which a borrower has to repay the loan. This tenure-linked benchmark is internal in nature. The bank decides the actual lending rate by adding the elements spread to this rate. Banks, then, publish their MCLR rate after careful inspection.

What is the benefit of MCLR?

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The MCLR enables RBI interest rate changes to be notified to borrowers relatively fast, with regular monthly updates to the MCLR. It enables borrowers to get benefits from the rate reduction implemented by the RBI in a short amount of time.

What is current 1 year MCLR rate of BOB?

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The current 1-year MCLR of BOB is 8.80% w.e.f. 12.01.2024.

How can you switch a home loan base rate to MCLR?

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You can contact the concerned bank on their customer care number or visit your nearest bank branch to switch a home loan base rate to MCLR.

How does MCLR Rate affect loans?

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MCLR is directly linked with the EMIs of the loan availed by the lender. The rate cut by RBI has a direct impact on the EMIs. MCLR rate determines the monthly instalments paid by the borrower against a loan.

What is tenor premium in case of MCLR?

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The cost of lending varies for the period of the loan. A higher duration of the loan means higher risk involved. To cover the risk, the lender will shift the load to the borrowers by charging a fixed premium. This premium is called the Tenure Premium.

What's the difference between the repo rate and the MCLR rate?

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MCLR has internal linking, in which the lenders decide rates after considering their own costs. The repo rate is not the primary factor in determining rate. Repo-linked lending rates have external linking, which means that with every change in repo rate, the rate of interest changes immediately.

What is the MCLR rate of Bank of Baroda?

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The current MCLR rate of Bank of Baroda is as follows:

Overnight1 Month3 Months6 Months1 Year2 Years3 Years
8.05%8.30%8.40%8.60%8.80%NANA