MUMBAI, 09th March 2020 (GNI): Union Bank of India today announced reduction in Marginal Cost of Funds – based Lending rate (MCLR) by 10 basis points across all tenors w.e.f. 11th March 2020 till 31st March, 2020. One year MCLR now stands at 8.00%, down from 8.10%. This is the ninth consecutive rate cut announced by Union Bank of India, since July 2019.
Revised MCLR, effective from 11th March, 2020 is as under:
Tenor MCLR (%)
Overnight MCLR 7.55%
1 Month MCLR 7.60%
3 Months MCLR 7.70%
6 Months MCLR 7.85%
1 year MCLR 8.00%
Ends
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