Business

Union Bank of India cuts MCLR by up to 15 bps across all tenors

Union Bank of India cuts MCLR by up to 15 bps across all tenors

TIL Desk/Business/Mumbai/ State-owned Union Bank of India on Friday announced reduction in its marginal cost of funds-based lending rate (MCLR) by up to 15 basis points across all tenors, effective May 11. This is the eleventh consecutive rate cut announced by the bank since July 2019, a release said.

The one-year MCLR has been revised downwards by 5 basis points (bps) to 7.70 per cent from 7.75 per cent. Overnight MCLR has been reduced by 15 bps to 7.15 per cent from 7.30 per cent and one-month MCLR by 10 bps to 7.25 per cent. The lender has reduced three-month and six-month MCLR by 5 bps to 7.40 per cent and 7.55 per cent, respectively.

The revision in MCLR by the bank comes a day after the country’s largest lender State Bank of India (SBI) announced reduction in MCLR by 15 bps across all tenors, effective May 10. SBI’s one-year MCLR will stand at 7.25 per cent from 7.40 per cent earlier.

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