Union Bank of India reduces MCLR by 20 bps across tenors

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Updated: Jul 10, 2020 5:27 PM

The revised one-year MCLR stands at 7.40 per cent against 7.60 per cent earlier, the bank said in a release.

Union Bank, Union Bank MCLR, Indian Overseas Bank, Canara Bank, Bank of Maharashtra,latest news on union bankThe new rates are applicable from July 11.

State-owned Union Bank of India on Friday announced reduction in its marginal cost of funds-based lending rate (MCLR) by 20 basis points across tenors.

The new rates are applicable from July 11.

The revised one-year MCLR stands at 7.40 per cent as against 7.60 per cent earlier, the bank said in a release.

The three-month and six-month MCLRs have been cut to 7.10 per cent and 7.25 per cent, respectively.

This is the thirteenth consecutive rate cut by the lender since July last year.

Another public sector lender Bank of Baroda (BoB) has announced to reduce its MCLR by five basis points across tenors from July 12.

The one-year MCLR has been revised to 7.60 per cent from 7.65 per cent earlier. The six-month MCLR has been cut to 7.45 per cent from 7.50 per cent, the bank said.

The country’s largest lender State Bank of India has also reduced its MCLR by 5-10 basis points (bps) for shorter tenors, effective Friday.

Indian Overseas Bank (IOB) has cut its MCLR by up to 25 bps across tenors.

Earlier this week, Canara Bank and Bank of Maharashtra (BoM) also reduced their MCLRs by 10 bps and 20 bps, respectively, across all tenors.

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