new Delhi. Union Bank of India on Friday announced a 20 basis point reduction in the Marginal Cost of Fund based Lending Rate on the fund for all its tenures. The new rates will be effective from Saturday. After this deduction, the MCLR rate on all term loans will range from 6.85 percent to 7.40 percent.
The bank said that the MCLR rate on loans for a period of one year will come down from 7.60 percent to 7.40 percent. The revised MCLR will be effective from 11 July 2020. This is the 13th consecutive cut announced by the bank after July 2019. Banks usually review the MCLR every month.
Banks have been continuously cutting their loan rates for some time. In the same week, State Bank of India, Canara Bank and Bank of Maharashtra have cut MCLR rates. The State Bank of India has announced a reduction of MCLR by 5 to 10 basis points for a short period on Thursday itself. The new rates come into effect from today. According to SBI, the MCLR has come down to 6.65 per cent for 3 months. Bengaluru-based Canara Bank has reduced the one-year MCLR to 7.55 percent from the earlier 7.65 percent. At the same time, Bank of Maharashtra has reduced the one-year MCLR by 0.20 percent to 7.50 percent. It was 7.70 percent till now. This has been the fourth consecutive month when Bank of Maharashtra has reduced MCLR
This post was published on July 10, 2020 5:28 pm
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