Business
Union Bank Of India reduces MCLR by 5-15 BPS across all tenors
Mumbai, May 10, 2020: Union Bank of India has reduced Marginal Cost of Funds- based Lending rate (MCLR) in the range of 5-15 basis points across all tenors. Overnight MCLR has been reduced by 15 bps to 7.15%, 1M MCLR by 10 bps to 7.25%, 3M and 6M MCLR by 5 bps to 7.40% and 7.55% respectively One year MCLR now stands at 7.70%, down from 7.75%. Revised MCLR will be effective from 11th May 2020. This is the eleventh consecutive rate cut announced by the Bank since July 2019.
Revised MCLR, effective from 11th May, 2020 is as under:
| Tenor | MCLR (%) |
| Overnight MCLR | 7.15% |
| 1 Month MCLR | 7.25% |
| 3 Months MCLR | 7.40% |
| 6 Months MCLR | 7.55% |
| 1 year MCLR | 7.70% |
