- Union Bank of India cuts MCLR rates by 15 basis points
- Canara Bank, IOB, and Bank of Maharashtra have also cu
new Delhi. All the public sector banks in the country are trying to give relief to their customers by cutting MCLR. Canara Bank, Bank of Maharashtra, Indian Overseas Bank have cut MCLR rates for a few days. Now the name of Union Bank of India has also been added to this list. While giving relief to the customer, it has been reduced by 15 basis points. Let us also tell you that after this deduction, we also tell you how much the interest rates of banks have become.
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Union Bank of India has reduced the interest rates by 0.15 per cent in MCLR on various term loans on Monday. The new rates will come into effect from August 11. According to information provided by Union Bank, the one-year MCLR has been reduced from 7.40 per cent to 7.25 per cent. MCLar has been reduced to 6.80 per cent for one day loan. At the same time, the interest rate for the period of three months and six months has been reduced to 6.95 percent and 7.10 percent respectively. According to the statement given by the bank, there are continuous cuts in interest rates from July 2019 onwards. This is the 14th consecutive cut.
The IOB has also seen a reduction
of 0.10 per cent in the all-time MCLR by another state-owned Indian Overseas Bank. According to the IOB, MCLR rates have been reduced by 7.75 per cent to 7.65 per cent for a year. The new rates have come into effect from today ie Monday. On the other hand, the Bank of Maharashtra has also reduced the MCLR rates by 0.20 percent, which has come into effect from 7 August. Whereas Canara Bank has cut MCLR rates by 30 basis points.
