Union Bank of India has reduced the marginal cost of funds based lending rate (MCLR) by up to 15 basis points across various tenors. The new rates will be effective from August 11. The revised one-year MCLR will be 7.25%, as against the existing 7.40%. From Tuesday, the rates for other the tenors will be:
Overnight – 6.8%; one-month MCLR 6.8%; three months – 6.95%; and six months 7.1%.