UCO Bank cuts MCLR by 10 basis points across tenors, revises rate to 8.3%

UCO Bank has lowered its Marginal Cost of Funds Based Lending Rates (MCLR) by 10 basis points across tenors with effect from Tuesday.

The revised one-year MCLR now stands at 8.30 per cent, down from the existing 8.40 per cent, the state-run lender said in a release.

The revised overnight, one-month, three-month and six month tenor MCLR have been slashed by 10 basis points, it said.

This will lead to all MCLR-linked loans becoming cheaper by way of similar reductions, UCO Bank said.