Union Bank of India has increased the marginal cost of funds based lending rates (MCLR) by 10 basis points (bps) across all tenors. The revised interest rates are effective from September 11 to October 10, 2022. The rates have been increased by 35 basis points (bps) from 5 basis points.
With this hike, the bank’s overnight rate MCLR now stands at 7% from 6.95 per cent earlier, while its one-month, three-month and six-month rates now stand at 7.15 per cent, 7.35 per cent and 7.55 per cent respectively. The one-year MCLR, two-year MCLR and three-year MCLR are 7.75 per cent, 7.95 per cent and 8.10 per cent respectively.
including other banks ICICI Bank, HDFC bank, Bank Of Baroda The Reserve Bank of India revised its MCLR even after raising the repo rate by 50 bps to 4.50% in its monetary policy meeting.
