Bank of Baroda said it will cut its marginal cost of funds-based lending rate (MCLR) across all five tenors by 15 basis points with effect from August 7.
The new one-year MCLR will be 8.45 per cent, against 8.60 per cent now. Usually, most of the loans are linked to one-year MCLR. The new overnight MCLR will be 8.05 per cent (8.20 per cent); one-month: 8.15 per cent (8.30 per cent); three-month: 8.25 per cent (8.40 per cent); and six-month: 8.40 per cent (8.55 per cent).