Bank of Baroda, Bank of Maharashtra and Canara Bank have revised their marginal costs of funds-based lending rates (MCLRs) on loans. Here is a look at the latest MCLR rates of the Bank of Baroda, Canara Bank and Bank of Maharashtra.
The stance of RBI’s monetary policy and the policy rates remained unchanged . The RBI maintained its position of “withdrawal of accommodation” and left the repo rate unchanged at 6.5%.
The changes in MCLR, will make EMIs linked to MCLR expensive. Most of the banks one year MCLR is linked to consumer loans.
Also read: HDFC Bank hikes base rate, interest rates on these loans; check latest rates
Bank of Baroda
Bank of Baroda revised its latest marginal cost of funds-based lending rates (MCLR). These rates are kept unchanged from previous rates. The rates will be effective from October 12, 2023.
The bank’s overnight marginal cost of funds-based lending rate (MCLR) will be 8%. For one-month, three-month, and six-month terms, BoB applies 8.25%, 8.35%, and 8.45% MCLR, accordingly. The one year MCLR stands at 8.70%.
| Sr. No. | MCLR Benchmark | MCLR in (%) |
| 1 | Overnight MCLR | 8 |
| 2 | 1 Month MCLR | 8.25 |
| 3 | 3 Month MCLR | 8.35 |
| 4 | 6 Month MCLR | 8.45 |
| 5 | 1 Year MCLR | 8.7 |
Also read: Loan interest rates for October 2023: ICICI Bank, PNB, Yes Bank revise these loan interest rates
Canara Bank
Canara Bank revised its latest marginal cost of funds-based lending rates (MCLR). The rates will be effective from October 12, 2023. These rates are kept unchanged from previous rates.
The one-month MCLR rate stands at 8.05%. The three-month MCLR rate at 8.15 percent. Furthermore, the bank offers six-month MCLR rate at 8.5% The year-on-year MCLR rate to 8.7 percent.
| Sr. No. | MCLR Benchmark | MCLR in (%) |
| 1 | Overnight MCLR | 7.95 |
| 2 | 1 Month MCLR | 8.05 |
| 3 | 3 Month MCLR | 8.15 |
| 4 | 6 Month MCLR | 8.50 |
| 5 | 1 Year MCLR | 8.7 |
According to the bank website, “Rates of Interest of all Retail Lending Schemes are linked to REPO LINKED LENDING RATE (RLLR) OF THE BANK – 9.25%* w.e.f 12.10.2023.”
“*The reviewed rate will be applicable only to new accounts opened on or after 12.10.2023 & accounts completing 3 years under RLLR regime on or after 12.10.2023. The accounts having not completed 3 years under RLLR regime will continue to be at earlier RLLR i.e. 9.40%.”
Bank of Maharashtra
Bank of Maharashtra revised its latest marginal cost of funds-based lending rates (MCLR). The rates will be effective from October 11, 2023. The one-month MCLR rate stands at 8.20%. The three-month MCLR rate at 8.30 percent. Furthermore, the bank offers six-month MCLR rate at 8.5% The year-on-year MCLR rate to 8.7 percent.
