UNION BANK OF INDIA REDUCES MCLR BY 5 BPS ACROSS ALL TENORS

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Mumbai: Union Bank of India has reduced Marginal Cost of Funds – based Lending rate (MCLR) by 5 basis points across all tenors. One year MCLR now stands at 8.25% down from 8.30%. As a result, interest rates on all loans linked to MCLR stand reduced by 5 basis points with effect from 1st November 2019.

Further, in order to ensure a speedier transmission of policy rate change, Union Bank of India has decided to review MCLR with effect from 11th of every month, instead of present practice of reviewing on 1st of every month.

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