Money & Banking

Union Bank cuts MCLR up to 20 basis points

Our Bureau Mumbai | Updated on August 01, 2019 Published on August 01, 2019

Union bank

This is the bank’s second rate cut since June 2019

Union Bank of India has reduced Marginal Cost of Funds-based Lending rate (MCLR) up to 20 basis points across various tenors, with effect from today.

All rupee loans sanctioned and credit limits renewed by banks with effect from April 1, 2016, are priced with reference to MCLR. One basis point equals one-hundredth of a percentage point.

The public sector bank has reduced both overnight and one month MCLR to 8.10 per cent from 8.25 per cent and 8.30 per cent respectively.

The three months and six months MCLR has been reduced by 10 bps to 8.25 per cent (from 8.35 per cent) and 8.35 per cent (8.45 per cent). One year MCLR has been pared from 8.55 per cent to 8.50 per cent.

“Taking a cue from the latest measures announced by the Reserve Bank of India (RBI) and to support growth of the economy, we have reduced lending rates up to 20 bps across various tenors. This is the second rate cut by our bank since June 2019,” the bank said in a statement.

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Published on August 01, 2019
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