Union Bank of India reduces MCLR by 20 bps across tenors effective July 11
Post the reduction, MCLR across tenors ranges from 6.85 per cent to 7.40 per cent
 "Union Bank of India reduces MCLR by 20 bps across tenors effective July 11")
premium
Union Bank of India on Friday announced reduction in its marginal cost of funds-based lending rate (MCLR) by 20 points across all tenors.
The rate cut will come into effect from Saturday, the company said in a statement.
Post the reduction, MCLR across tenors ranges from 6.85 per cent to 7.40 per cent.
"One year MCLR now stands at 7.40 per cent, down from 7.60 per cent. Revised MCLR will be effective from 11th Jul 2020. This is the 13th consecutive rate cut announced by the bank since July 2019,"
Banks generally review MCLR every month.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%