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Union Bank, Dena Bank reduce MCLR rates by 20 basis points

PTI | Mumbai |

State-run lenders Union Bank of India and Dena Bank today reduced their marginal cost of lending rates across various tenors with effect from Friday. Union Bank has cut its MCLR by 20 basis points across all tenors.

The new one-year MCLR has been set at 8.20 per cent as against 8.40 per cent earlier, Union Bank said in a statement.Six-month MCLR has been cut to 8.05 per cent while two and three years lending rates have been reduced to 8.25 per cent and 8.30 per cent, respectively.

Dena Bank has reduced MCLR by 15 basis points across one year, six months, three months and one month. It has fixed its one-year MCLR rate at 8.40 per cent from 8.55 per cent, the bank said.

The city-based lender has revised downwards its overnight MCLR at 8.20 per cent while the one-month period rate has been fixed at 8.20 per cent.

For three months period MCLR has been fixed at 8.30 per cent.