Union Bank, UCO cut MCLR

Union Bank of India and UCO Bank have reduced their marginal cost of funds-based lending rates (MCLR) by 20 basis points (bps) and 10 bps, respectively, across all tenors.

The revised rates in case of Union Bank will come into effect from July 11 and UCO Bank from July 10. In case of Union Bank, the revised oneyear rate will be 7.4 per cent, down from 7.6 per cent.

UCO Bank’s revised oneyear MCLR will be 7.50 per cent, down from the current 7.60 per cent.