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% |