Current Bank of Baroda MCLR rates range from 8.05% - 8.80% for different tenures w.e.f 12.03.2024. The MCLR is the minimum interest rate that the bank can charge for its loans. This rate is fixed every month by the bank.
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 Name | Overnight | 1 Month | 3 Months | 6 Months | 1 Year | 2 Years | 3 Years |
---|---|---|---|---|---|---|---|
Bank of Baroda | 8.05% | 8.30% | 8.40% | 8.60% | 8.80% | NA | NA |
Axis Bank | 9.10% | 9.10% | 9.20% | 9.25% | 9.30% | 9.40% | 9.45% |
Yes Bank | 9.30% | 9.55% | 10.10% | 10.35% | 10.50% | NA | NA |
HDFC Bank | 8.90% | 8.95% | 9.10% | 9.30% | 9.30% | 9.35% | 9.35% |
ICICI Bank | 8.60% | 8.60% | 8.65% | 9.00% | 9.10% | NA | NA |
SBI | 8.00% | 8.20% | 8.20% | 8.55% | 8.65% | 8.75% | 8.85% |
PNB | 8.30% | 8.35% | 8.45% | 8.65% | 8.80% | NA | 9.10% |
PSB | 8.00% | 8.30% | 8.45% | 8.75% | 8.95% | NA | NA |
Citibank | 7.05% | 7.10% | 7.25% | 7.30% | 7.20% | NA | NA |
IndusInd Bank | 10.00% | 10.05% | 10.20% | 10.35% | 10.40% | 10.40% | 10.40% |
IDFC FIRST Bank | 9.60% | 9.60% | 9.85% | 10.20% | 10.35% | NA | NA |
Bank of India | 8.10% | 8.35% | 8.45% | 8.65% | 8.85% | NA | 9.05% |
Central Bank of India | 8.00% | 8.05% | 8.40% | 8.60% | 8.75% | NA | NA |
Federal Bank | 9.45% | 9.50% | 9.55% | 9.65% | 9.70% | NA | NA |
IDBI Bank | 8.35% | 8.50% | 8.80% | 9.00% | 9.05% | 9.60% | 10.00% |
Indian Overseas Bank | 8.00% | 8.20% | 8.40% | 8.65% | 8.80% | 8.80% | 8.85% |
UCO Bank | 8.00% | 8.25% | 8.40% | 8.65% | 8.80% | NA | NA |
Canara Bank | 7.90% | 8.00% | 8.15% | 8.45% | 8.80% | NA | NA |
Kotak Bank | 8.65% | 8.90% | 9.05% | 9.30% | 9.45% | 9.50% | 9.60% |
HSBC Bank | 8.55% | 8.70% | 8.85% | 8.95% | 9.00% | NA | NA |
You can also Apply for Bank of Baroda Home Loan and check EMI, Interest rate and Eligibility Online to avail offer.
Below is the BOB MCLR trend in the year 2024:
Last MCLR Updated Date | Tenure | MCLR |
---|---|---|
12.03.2024 | Overnight | 8.05% |
1 Month | 8.30% | |
3 Months | 8.40% | |
6 Months | 8.60% | |
1 Year | 8.80% | |
12.02.2024 | Overnight | 8.05% |
1 Month | 8.30% | |
3 Months | 8.40% | |
6 Months | 8.60% | |
1 Year | 8.80% | |
12.01.2024 | Overnight | 8.05% |
1 Month | 8.30% | |
3 Months | 8.40% | |
6 Months | 8.60% | |
1 Year | 8.80% | |
12.07.2023 | Overnight | 7.95% |
1 Month | 8.20% | |
3 Months | 8.30% | |
6 Months | 8.40% | |
1 Year | 8.65% | |
12.05.2023 | Overnight | 7.95% |
1 Month | 8.20% | |
3 Months | 8.30% | |
6 Months | 8.40% | |
1 Year | 8.60% | |
12.12.2022 | Overnight | 7.50% |
1 Month | 7.95% | |
3 Months | 8.05% | |
6 Months | 8.15% | |
1 Year | 8.30% | |
12.11.2022 | Overnight | 7.25% |
1 Month | 7.70% | |
3 Months | 7.75% | |
6 Months | 7.90% | |
1 Year | 8.05% | |
12.10.2022 | Overnight | 7.10% |
1 Month | 7.60% | |
3 Months | 7.65% | |
6 Months | 7.80% | |
1 Year | 7.95% | |
12.09.2022 | Overnight | 7% |
1 Month | 7.50% | |
3 Months | 7.50% | |
6 Months | 7.65% | |
1 Year | 7.80% | |
12.08.2022 | Overnight | 6.85% |
1 Month | 7.40% | |
3 Months | 7.45% | |
6 Months | 7.55% | |
1 Year | 7.70% | |
12.07.2022 | Overnight | 6.80% |
1 Month | 7.20% | |
3 Months | 7.35% | |
6 Months | 7.45% | |
1 Year | 7.65% | |
12.06.2022 | Overnight | 6.80% |
1 Month | 7.20% | |
3 Months | 7.25% | |
6 Months | 7.35% | |
1 Year | 7.50% | |
12.05.2022 | Overnight | 6.80% |
1 Month | 7.20% | |
3 Months | 7.25% | |
6 Months | 7.35% | |
1 Year | 7.50% | |
12.04.2022 | Overnight | 6.50% |
1 Month | 6.95% | |
3 Months | 7.10% | |
6 Months | 7.20% | |
1 Year | 7.35% | |
12.03.2022 | Overnight | 6.45% |
1 Month | 6.90% | |
3 Months | 7.05% | |
6 Months | 7.15% | |
1 Year | 7.30% | |
12.02.2022 | Overnight | 6.45% |
1 Month | 6.90% | |
3 Months | 7.05% | |
6 Months | 7.15% | |
1 Year | 7.30% | |
12.01.2022 | Overnight | 6.45% |
1 Month | 6.90% | |
3 Months | 7.05% | |
6 Months | 7.15% | |
1 Year | 7.30% |
You can also check the Bank of Baroda Loan Against Property Online.
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. 12.03.2024 are as follows:
Scheme | Type of Applicant | Repo Rate + Spread | Effective Interest Rate (per annum) |
---|---|---|---|
Baroda Home Loan to Non-Staff members | Salaried | BRLLR - 0.75% to BRLLR + 1.45% | 8.40% - 10.60% |
Non-Salaried | BRLLR - 0.75% to BRLLR + 1.45% | 8.40% - 10.60% | |
Baroda Home Loan to Staff members | BRLLR | 8.85% | |
Baroda Home Improvement Loan to Non-Staff members | Salaried | BRLLR - 0.75% to BRLLR + 1.45% | 8.40% - 10.60% |
Non-Salaried | BRLLR - 0.75% to BRLLR + 1.45% | 8.40% - 10.60% | |
Baroda Home Improvement Loan to Staff members | BRLLR | 8.85% | |
Baroda Home Loan Advantage - Up to Rs. 75 Lakhs | Salaried | BRLLR - 0.75% to BRLLR + 1.45% | 8.40% - 10.60% |
Non-Salaried | BRLLR - 0.75% to BRLLR + 1.45% | 8.40% - 10.60% | |
Baroda Home Loan Advantage - Above Rs. 75 Lakhs | Salaried | BRLLR - 0.05% to BRLLR + 1.70% | 8.65% to 10.85% |
Non-Salaried | BRLLR - 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.
As of now, the 1-year MCLR Bank of Baroda is 8.80% effective from March 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 Update | Tenure | MCLR |
---|---|---|
12.03.2024 | 1 Year | 8.80% |
12.02.2024 | 1 Year | 8.80% |
12.01.2024 | 1 Year | 8.80% |
12.07.2023 | 1 Year | 8.65% |
12.05.2023 | 1 Year | 8.60% |
12.04.2023 | 1 Year | 8.60% |
12.01.2022 | 1 Year | 7.30% |
12.02.2022 | 1 Year | 7.30% |
12.03.2022 | 1 Year | 7.30% |
12.04.2022 | 1 Year | 7.35% |
12.05.2022 | 1 Year | 7.50% |
12.06.2022 | 1 Year | 7.50% |
12.07.2022 | 1 Year | 7.65% |
12.08.2022 | 1 Year | 7.70% |
12.09.2022 | 1 Year | 7.80% |
12.10.2022 | 1 Year | 7.95% |
12.11.2022 | 1 Year | 8.05% |
12.12.2022 | 1 Year | 8.30% |
12.04.2023 | 1 Year | 7.95% |
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 |
---|---|
12.03.2024 | 8.05% - 8.80% |
12.02.2024 | 8.05% - 8.80% |
12.01.2024 | 8.05% - 8.80% |
12.07.2023 | 7.95% - 8.65% |
12.05.2023 | 7.95% - 8.60% |
12.04.2023 | 7.95% - 8.60% |
12.12.2022 | 7.50% - 8.30% |
12.11.2022 | 7.25% - 8.05% |
12.10.2022 | 7.10% - 7.95% |
12.09.2022 | 7.00% - 7.80% |
12.08.2022 | 6.85% - 7.70% |
12.07.2022 | 6.80% - 7.65% |
12.06.2022 | 6.80% - 7.50% |
12.05.2022 | 6.80% - 7.50% |
12.04.2022 | 6.50% - 7.35% |
12.03.2022 | 6.45% - 7.30% |
12.02.2022 | 6.45% - 7.30% |
12.01.2022 | 6.45% - 7.30% |
Following are the latest MCLR loan interest rates of SBI, ICICI Bank, HDFC Bank:
Bank Name | Overnight | 1 Month | 3 Months | 6 Months | 1 Year | 2 Years | 3 Years |
---|---|---|---|---|---|---|---|
HDFC Bank | 8.95% | 8.95% | 9.15% | 9.30% | 9.30% | 9.35% | 9.35% |
ICICI Bank | 8.60% | 8.60% | 8.65% | 9.00% | 9.10% | NA | NA |
SBI | 8.00% | 8.20% | 8.20% | 8.55% | 8.65% | 8.75% | 8.85% |
The current MCLR rate of BOB Bank is as follows w.e.f. 12.03.2024:
Overnight | 8.05% |
1 Month | 8.30% |
3 Months | 8.40% |
6 Months | 8.60% |
1 Year | 8.80% |
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.
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.
Functionally, both are similar, as both function as the lower limit of interest rates that a lender can charge the borrower.
The current MCLR rate of SBI is as follows:
Overnight | 1 Month | 3 Months | 6 Months | 1 Year | 2 Years | 3 Years |
---|---|---|---|---|---|---|
8.00% | 8.20% | 8.20% | 8.55% | 8.65% | 8.75% | 8.85% |
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.
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.
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.
The current 1-year MCLR of BOB is 8.80% w.e.f. 12.03.2024.
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.
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.
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.
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.
The current MCLR rate of Bank of Baroda is as follows:
Overnight | 1 Month | 3 Months | 6 Months | 1 Year | 2 Years | 3 Years |
---|---|---|---|---|---|---|
8.05% | 8.30% | 8.40% | 8.60% | 8.80% | NA | NA |