Business
UNION BANK OF INDIA REDUCES MCLR BY 10 BPS ACROSS ALL TENORS
Mumbai, June 11, 2020 : Union Bank of India today announced reduction in its Marginal Cost of Funds- based Lending Rate (MCLR) by 10 points, across all tenors. One year MCLR now stands at 7.60%, down from 7.70%. Revised MCLR will be effective from 11th June 2020. This is the twelfth consecutive rate cut announced by the Bank since July 2019.
Revised MCLR, effective from 11th June, 2020 is as under:
| Tenor |
MCLR (%) |
| Overnight MCLR |
7.05% |
| 1 Month MCLR |
7.15% |
| 3 Months MCLR |
7.30% |
| 6 Months MCLR |
7.45% |
| 1 year MCLR |
7.60% |
Earlier this month, Union Bank of India had reduced its External Benchmark linked Lending Rate (EBLR) by 40 BPS; i.e. from 7.20% to 6.80%.