MUMBAI: The Union Bank of India on Monday announced a reduction in the marginal cost of funds-based lending rate (MCLR) by up to 15 basis points across tenors. The reduced MCLR would come into effect on Tuesday. This is the 11th consecutive rate cut announced by it since July 2019, the bank said in a statement
Post the reduction, the one year MCLR now stands at 7.25 per cent, down from 7.40 per cent, the bank said in a statement. The overnight MCLR and one-month MCLR stand at 6.8 per cent while the three-month and the six-month MCLR have reduced to 6.95 per cent and 7.10 per cent, respectively.