Shortly after State Bank of India announced cut in MCLR, the Union Bank of India announced a reduction in Marginal Cost of Funds – based Lending Rate (MCLR) by 20 points across all tenors.
After the rate cut, one-year MCLR now stands at 7.40%, down from 7.60%. The revised MCLR will be effective from July 11 of this year.
It is to be noted that this is the thirteenth consecutive rate cut announced by the bank since July 2019. The revised MCLR is as follows:
- Overnight MCLR – 6.85%
- 1 Month MCLR – 6.95%
- 3 Months MCLR – 7.10%
- 6 Months MCLR – 7.25%
- 1-year MCLR – 7.40%