Union Bank of India reduces MCLR by 5 bps across tenors from Sept 11

TIL Desk/Business/New Delhi/ State-run Union Bank of India said it has reduced its marginal cost of funds-based lending rate (MCLR) by 5 basis points (bps) across all tenors, effective from September 10.

The lender’s one-year MCLR has been revised to 7.20 percent from 7.25 percent, it said in a statement. Overnight and one-month MCLR will stand at 6.75 percent after the cut. This is the fifteenth consecutive rate cut by the bank since July 2019.

Another public sector lender Indian Overseas Bank has cut its MCLR by 10 basis points across all tenors, effective from Thursday. Its one-year MCLR has been reduced to 7.55 percent from 7.65 percent earlier. Earlier this week, Bank of Maharashtra had slashed its MCLR by 10 bps for select tenors.