Bank of Baroda and Canara Bank raise MCLR June 12
Business
Bank of Baroda and Canara Bank are bumping up their MCLR (the rate that impacts your loan EMIs) starting June 12, 2026.
If you have a floating-rate home or personal loan with these banks, expect your monthly payments to go up a bit.
MCLR increases 5bps repo-linked loans unaffected
Bank of Baroda's overnight to one-year MCLR rates are rising by 5 basis points each: for example, the one-year rate will be 8.75% effective June 12, 2026.
Canara Bank is also hiking its overnight, one-month, and three-month rates by the same margin.
Good news if your loan is linked to an external benchmark like the RBI repo rate: those loans won't be affected by this change.