UNION BANK OF INDIA REDUCES LENDING RATES UPTO 20 BPS ACROSS TENORS
by Priya Jadhav
Mumbai- July 30, 2019: Union
Bank of India has reduced Marginal Cost of Funds- based Lending rate (MCLR) upto
20 basis points across various tenors. Our bank has reduced both overnight and
one month MCLR to 8.10% from 8.25% and 8.30% respectively. Three months and six
months MCLR has been reduced by 10 bps to 8.25% and 8.35%. One year MCLR will
come down from 8.55% to 8.50%. “As a result, interest rates on all loans linked
to MCLR stand reduced upto 20 basis points with effect from 1 August 2019”.
This is the second rate cut by our bank since June 2019. “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 upto 20 bps across various
tenors”.
The rates
effective from 1st August, 2019 are as follows:-
|
Tenor
|
MCLR
(%)
|
|
Overnight
MCLR
|
8.10%
|
|
1
Month MCLR
|
8.10%
|
|
3
Months MCLR
|
8.25%
|
|
6
Months MCLR
|
8.35%
|
|
1
year MCLR
|
8.50%
|
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