UCO Bank reduces MCLR by 10 bps across tenors, effective August 10

State-owned UCO Bank on Friday announced reduction in its marginal cost of funds-based lending rates (MCLR) by 10 basis points across all the tenors.

The revised lending rates will be effective from August 10.

"As a result, all MCLR linked loans will become cheaper now," the lender said in a statement.

The revised one-year MCLR stands at 7.40 per cent as against 7.50 per cent earlier, the bank said.

The three-month and six-month MCLRs have been cut to 7.05 per cent and 7.30 per cent, respectively.