By Sneha Kulkarni
Bank of Baroda and Canara Bank will reduce MCLR by 5 bps on select tenures. This move could lower EMIs for borrowers. Bank of Baroda has already reduced home loan rates to 7.45% with nil processing fee. Canara Bank has also revised its lending rates. HDFC Bank, Punjab National Bank and Indian Bank have also announced MCLR reductions.