State-owned Union Bank of India on Monday announced a reduction in the marginal cost of funds-based lending rate (MCLR) by up to 15 basis points across tenors. The reduced MCLR came into effect from August 11.
This is the 14th consecutive rate cut announced by it since July 2019, the bank said in a statement. Post the reduction, the one year MCLR now stands at 7.25 per cent, down from 7.40 per cent, the bank said in a statement.
The overnight MCLR and one-month MCLR stand at 6.8 per cent while the three-month and the six-month MCLR have reduced to 6.95 per cent and 7.10 per cent, respectively.
Indian Overseas Bank (IOB) also reduced its MCLR by 10 basis points (bps) across all tenors effective Monday.
One-year MCLR has been slashed to 7.65 per cent from 7.75 per cent, IOB had informed exchanges last week.
Two-year MCLR has been reduced to 7.65 per cent from 7.75 per cent.