Tuesday, 30 July 2019

UNION BANK OF INDIA REDUCES LENDING RATES BY 5-20 BPS ACROSS TENORS


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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