UNION BANK OF INDIA REDUCES MCLR BY 10 BPS ACROSS ALL TENORS

Mumbai - March 09, 2020: Union Bank of India today announced reduction in  Marginal Cost of Funds - based Lending rate (MCLR) by 10 basis points across all tenors w.e.f. 11^th March 2020 till 31^st March, 2020. One year MCLR now stands at 8.00%, down from 8.10%. This is the ninth consecutive rate cut announced by Union Bank of India, since July 2019.

Revised MCLR, effective from 11^th March, 2020 is as under:

Tenor	MCLR (%)
Overnight MCLR	7.55%
1 Month MCLR	7.60%
3 Months MCLR	7.70%
6 Months MCLR	7.85%
1 year MCLR	8.00%

UNION BANK OF INDIA ANNOUNCES REPO LINKED HOME LOAN & VEHICLE LOANS

Mumbai – August 23, 2019: Union Bank of India today announced introduction of Repo Linked Lending Rate (RLLR) to new Home Loan and Vehicle Loan Borrowers in order to provide better interest rate transmission to its Customers. 

With the introduction of Repo Linked Home Loans, Home Loans of above Rs. 30 lacs to Rs. 75 lacs will now be available at an attractive interest rate of 8.25% for Borrowers with good credit score. Thus, the Home Loan Linked to Repo Rate provides 35 Bps benefits over the existing Home Loan.  

Also, with Repo Linked Vehicle Loan, Vehicle Loans will now be available at an attractive rate of 8.60% to borrowers with good credit score. Thus, the Vehicle Loan linked to Repo Rate is 40 Bps cheaper than the existing.

Union Bank of India will continue to offer Home Loan and Vehicle Loan products linked to MCLR.  

Flag Hoisting at Union Bank of India

(Seen in the photograph is Shri Rajkiran Rai G, Managing Director & CEO, Union Bank of India, unfurling of the national flag on the occasion of Independence Day celebrations held on 15^th August 2019 at Central Office, Mumbai)

Union Bank of India launched its Go Green Campaign: a Step Towards Sustainability

Mumbai- August 15, 2019: Union Bank of India marked its centenary year celebrations by Going Green and launching series of green initiatives to reduce the carbon foot prints and create a positive impact on the environment. A Go Green campaign was inaugurated on the 73^rd Independence Day celebration which included a Green Pledge, floating of an e-Magazine and plantation of trees through all 63 regions across the country.

The event was launched through “ECOTHON” a green  march led by Shri Rajkiran Rai G. MD & CEO, Union Bank along with his team from the Corporate Office at Nariman Point to Marine Drive.  

UNION BANK EXPECTS MCLR TO SOFTEN FURTHER

Mumbai- August 9, 2019: Union Bank of India today in its ALCO meeting considered the liquidity situation and interest rate scenarios specifically considering impact of recent cut in Repo rate by RBI of 35 bps.  The Bank since February 2019 has reduced MCLR in various tranches up to 30 bps last effective from August 2019.  However, looking to the current liquidity and interest rate scenario it expects MCLR to further soften upto 15 bps.  In order to provide better interest rate transmission it shall soon link its Housing and Vehicle loan portfolio to Repo rate from the current MCLR.

UNION BANK EXPECTS MCLR TO SOFTEN FURTHER UPTO 15 BPS.

Mumbai- August 9, 2019: Union Bank of India today in its ALCO meeting considered the liquidity situation and interest rate scenarios specifically considering impact of recent cut in Repo rate by RBI of 35 bps.  The Bank since February 2019 has reduced MCLR in various tranches up to 30 bps last effective from August 2019.  However, looking to the current liquidity and interest rate scenario it expects MCLR to further soften up to 15 bps.  In order to provide better interest rate transmission it shall soon link its Housing and Vehicle loan portfolio to Repo rate from the current MCLR.

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 1^st 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%

Union Bank of India changes interest rates on FCNR (B) Term Deposits

Mumbai-July1,2019: Union Bank of India has revised the interest rates applicable to FCNR (B) Deposits w.e.f. 1^st July, 2019.

The revised rates w.e.f. 1^st July 2019 for various periods of maturity are as under:

FCNR (B) Deposits:

PERIOD	USD < 300,000		USD >= 300,000		GBP		EUR
	Existing	Revised	Existing	Revised	Existing	Revised	Existing	Revised
1 YR<2YRS	3.28	2.99	3.28	2.99	1.82	1.80	0.74	0.65
2YRS<3YRS	2.88	2.63	2.98	2.73	1.63	1.59	0.48	0.38
3YRS<4YRS	2.91	2.67	3.01	2.77	1.65	1.60	0.54	0.41
4YRS<5YRS	2.91	2.67	3.01	2.77	1.67	1.62	0.58	0.46
5YRS  ONLY	2.84	2.66	2.94	2.76	1.60	1.55	0.56	0.43

FCNR (B) Deposits:

PERIOD	JPY		CAD		AUD
	Existing	Revised	Existing	Revised	Existing	Revised
1 YR<2YRS	1.00	0.95	3.20	3.10	2.27	2.08
2YRS<3YRS	0.72	0.66	2.58	2.54	1.97	1.79
3YRS<4YRS	0.71	0.64	2.55	2.49	1.98	1.80
4YRS<5YRS	0.71	0.63	2.54	2.47	2.12	1.91
5YRS  ONLY	0.62	0.54	2.45	2.38	2.08	1.87