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Union Bank of India (UBI) and Bank of Baroda (BoB) have cut their marginal cost of funds based lending rate (MCLR) by 20 basis points (bps) and 5 bps, respectively, across all tenors.
The new MCLR will be effective from July 11 in the case of UBI and July 12 in the case of BoB. One basis point is equal to one-hundredth of a percentage point.
Following the cut, UBI’s one-year MCLR will be at 7.40 per cent, down from 7.60 per cent.
“This is the thirteenth consecutive rate cut announced by the Bank since July 2019,” UBI said in a statement.
Following the cut, BoB’s one-year MCLR will be at 7.60 per cent, down from 7.65 per cent.
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