Mumbai- July 30, 2019: Union
Bank of India has reduced Marginal Cost of Funds- based Lending rate (MCLR) by
5-20 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 by 5-20 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 by 5-20 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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