Union Bank of India Cuts MCLR By 10 Basis Points

New Delhi: Union Bank of India has cut its MCLR (marginal cost of funds-based lending rate) by 10 basis points for all tenors.

The one year MCLR will now come down to 8 percent from 8.10 percent, according to a statement by the bank.

The overnight MCLR will come down to 7.55 percent from 7.65 percent. The one month MCLR will be 7.6 percent.

This reduction is ninth consecutive cut by Union Bank since July 2019. The new rates will be effetive from 11 March.