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Kolkata-headquartered United Bank of India has cuts its marginal cost of funds-based lending rate (MCLR) by up to 90 basis points across tenors.
Following the cut, the one-year MCLR has been revised to 8.80 per cent from the current 9.40 per cent.
All rupee loans sanctioned and credit limits renewed by banks with effect from April 1, 2016, are priced with reference to the MCLR, which is the internal benchmark for such purposes.
Since January 1, a host of banks, including State Bank of India, State Bank of Travancore, IDBI Bank, Punjab National Bank, Canara Bank, and HDFC Bank have cut their MCLR.
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