New Delhi: Union Bank of India and Bank of Baroda have slashed marginal cost of funds based lending rate (MCLR) by 5-10 basis points. Union Bank has lowered the MCLR by 10 basis points across all tenors from today.
Saturday. The bank has reduced the MCLR by 10 basis points across all tenors with effect from January 11, 2020, Union Bank of India said in a release.
The new one-year MCLR by Union Bank now stands at 8.10 percent, the bank said in a release.
Union Bank has now cut the MCLR for seven consecutive times since July 2019.
“Thus, cumulative rate cut is in the range of 60-75 basis points across different tenors, since February 2019,” it said.
Bank of Baroda has cut the one-month MCLR to 7.60 percent from 7.65 percent but all other tenors have been left unchanged, Bank of Baroda said in a statement.