On Friday, the Union Bank of India announced a cut in its marginal cost of funds based lending rate (MCLR) by 0.10 percent across tenures. The change will be effective from Saturday.
The public sector lender said this is the seventh consecutive rate cut announced by the lender since July 2019. Its cumulative rate cut is in the range of 60-75 basis points (0.60-0.75 percent) across different tenures since February 2019.
Union Bank of India lending rates with effect from 11 January 2020:
|1 month MCLR||7.70%|
|3 month MCLR||7.85%|
|6 month MCLR||7.95%|
|1 year MCLR||8.10%|
|2 year MCLR||8.25%|
|3 year MCLR||8.30%|
Similarly, Bank of Baroda in a stock exchange filing on Friday informed a reduction in its MCLR for the one-month tenure. The change will be effective from Sunday. Rates on all other tenures will remain unchanged.
Bank of Baroda lending rates with effect from 12 January 2020:
|1 month MCLR||7.60%|
|3 month MCLR||7.80%|
|6 month MCLR||8.10%|
|1 year MCLR||8.25%|