Union Bank of India reduces MCLR by 20 bps across tenors effective July 11

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.