Union Bank of India today announced reduction in Marginal Cost of Funds – based Lending rate (MCLR) by 10 basis points across all tenors w.e.f. 11th January 2020.

One year MCLR now stands at 8.10%, down from 8.20%. This is the seventh consecutive rate cut announced by Union Bank of India, since July 2019. Thus, cumulative rate cut is in the range of 60bps – 75bps across different tenors, since February 2019.

Revised MCLR, effective from 11th January, 2020 is as under:

Tenor MCLR (%)
Overnight MCLR 7.65%
1 Month MCLR 7.70%
3 Months MCLR 7.85%
6 Months MCLR 7.95%
1 year MCLR 8.10%