Bank of Baroda MCLR based interest rate update: Public sector Bank of Baroda (BoB) today said that it has reduced the marginal cost of funds based interest rate (MCLR) by 0.05 percent. According to the news of PTI, BoB said in the information given to the stock market that the reduction in MCLR has been done at the rates of different periods. The new rates will be applicable from June 12, 2021. This will enable the new customer to get a cheaper loan. The customer can also get relief in EMI.
note new rates
According to the news, the MCLR has been revised to 7.35 percent for a period of one year. Similarly, the MCLR for the period of six months and three months has also been reduced by 0.05 per cent to 7.20 per cent and 7.10 per cent respectively. Shares of Bank of Baroda closed higher by 3.54 per cent at Rs 84.75 per equity.
Bank of Baroda to sell 46 accounts
Bank of Baroda is going to sell 46 stranded accounts. These accounts will be sold through e-auction. Customers who have not repaid the loan. The bank will sell those accounts. The bank will recover about Rs 597.41 crore from these bad accounts (NPA Account). These accounts can be sold to Asset Reconstruction Companies (ARCs), banks, NBFCs or other financial companies for 100% cash. The auction process is to be held on June 21.
All loans are linked to MCLR from 1st April 2016
All loans are linked to MCLR with effect from 1st April 2016. However, if you want, you can switch the loan from MCLR rate to base rate. When RBI changes the repo rate, it affects the MCLR.