Union Bank of India today announced reduction in Marginal Cost of Funds – based Lending rate (MCLR) by 10 basis points across all tenors w.e.f. 11th January 2020.
One year MCLR now stands at 8.10%, down from 8.20%. This is the seventh consecutive rate cut announced by Union Bank of India, since July 2019. Thus, cumulative rate cut is in the range of 60bps – 75bps across different tenors, since February 2019.
Revised MCLR, effective from 11th January, 2020 is as under:
Tenor |
MCLR (%) |
Overnight MCLR |
7.65% |
1 Month MCLR |
7.70% |
3 Months MCLR |
7.85% |
6 Months MCLR |
7.95% |
1 year MCLR |
8.10% |