Categories: Business

Union Bank cuts MCLR by 0.20%, will reduce interest rate on all term loans

Photo: GOOGLE

Union Bank reduces MCLR by 20 bps across tenors

new Delhi. Public sector Union Bank of India on Friday announced a 0.20 percent reduction in the marginal cost money-based lending rate (MCLR) for various periods. The new rates will be applicable from July 11. The bank said in a release that the revised one-year MCLR would be 7.40 percent instead of 7.60 percent. The three-month and six-month MCLR has been reduced to 7.10 percent and 7.25 percent, respectively.

The rate has been cut by the bank 13 times in a row since July last year. Earlier, the country's largest bank SBI on Friday reduced the MCLR by 0.05 to 0.10 percent for a short period. Indian Overseas Bank (IOB), another public sector bank, has cut MCLR by 0.25 percent for all periods.

Earlier this week, Canara Bank and Bank of Maharashtra also cut MCLR.

This post was published on July 10, 2020 2:11 pm

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