State-run Bank of Baroda today said announced a 5 basis points increase in its marginal cost of funds-based lending rates (MCLR) across various tenors.
The new rate will be effective from June 7, the banksaid in a statement today.
The one-year MCLR rate, or the minimum lending rate has been hiked to 8.45 per cent from 8.40 per cent.
"The increase is attributed to higher cost of funds and rising interest rate scenario," the bank said in a press release.
One-year MCLR at 8.45 per cent is applicable irrespective of the total home loan amount and is available for a tenure up to 30 years, it said.
For other tenors - overnight, one month, three months and six months rates has been revised to 7.95 per cent, 8 per cent, 8.10 per cent and 8.30 per cent, respectively.
The lender's base rate stands at 9.15 per cent.