For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

Union Bank Of India Cuts Lending Rates Across Tenures

|

On Tuesday, the Union Bank of India informed its decision to cut the marginal cost of funds-based lending rate (MCLR) by up to 20 basis points across various tenures with effect from 1 August 2019.

Union Bank Of India Cuts Lending Rates Across Tenures
 

In a press release the lender informed its decision to lower MCLR on tenures upto 1-year. The 1-year MCLR, which is the basis for most retail loans like home and car loan was reduced to 8.50 percent from the earlier 8.55 percent.

Tenure Upto 31 July From 1 August
Overnight MCLR 8.25% 8.10%
One month MCLR 8.30% 8.10%
Three month MCLR 8.35% 8.25%
Six month MCLR 8.45% 8.35%
One year MCLR 8.55% 8.50%

"As a result, interest rates on all loans linked to MCLR stand reduced up to 20 bps with effect from August 1, 2019. This is the second rate cut by our bank since June 2019," Union Bank of India said.

The lender also said that it is taking a cue from the latest measures announced by the Reserve Bank of India and has cut MCLR by up to 20 bps across tenors to support growth of the economy.

"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 upto 20 bps across various tenors," it said.

Read more about: union bank of india mclr
Story first published: Wednesday, July 31, 2019, 12:12 [IST]
Company Search
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more