Union Bank of India cuts MCLR by up to 15 bps across all tenors

State-owned Union Bank of India on Friday announced reduction in its marginal cost of funds-based lending rate (MCLR) by up to 15 basis points across all tenors, effective May 11.

This is the eleventh consecutive rate cut announced by the bank since July 2019, a release said.

The one-year MCLR has been revised downwards by 5 basis points (bps) to 7.70 per cent from 7.75 per cent.

Overnight MCLR has been reduced by 15 bps to 7.15 per cent from 7.30 per cent and one-month MCLR by 10 bps to 7.25 per cent.

The lender has reduced three-month and six-month MCLR by 5 bps to 7.40 per cent and 7.55 per cent, respectively.

The revision in MCLR by the bank comes a day after the country's largest lender State Bank of India (SBI) announced reduction in MCLR by 15 bps across all tenors, effective May 10.

SBI's one-year MCLR will stand at 7.25 per cent from 7.40 per cent earlier.