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Union Bank of India has decided to reduce its marginal cost of funds-based lending rate (MCLR) by 10 basis points across all tenors with effect from June 11.
India’s fifth-largest public sector bank, in a statement, said this is the twelfth consecutive rate cut announced by it since July 2019.
Following this cut, the one-year benchmark MCLR will come down to 7.60 per cent from 7.70 per cent.
Earlier this month, the bank had reduced its external benchmark-linked lending rate (EBLR) by 40 basis points to 6.80 per cent from 7.20 per cent.
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