Bank of Baroda hikes MCLR

State-owned Bank of Baroda (BoB) Saturday said it has hiked its marginal cost of funds based lending rate (MCLR) by 0.05 per cent with effect from May 7. BoB has hiked the lending rates for overnight tenor to 8.30 per cent from the previous 8.25 per cent. Similarly, for one-month and three-month tenors the interest rates have been increased to 8.35 per cent and 8.45 per cent, respectively. Rate for six-month tenor has been hiked to 8.65 per cent and one-year tenor to 8.70 per cent with effect from May 7, BoB said in a BSE filing.