Union Bank of India announces MCLR Based Lending Rates

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BANKING/FINANCE
by Shrutee K/DNS

March 31, 2016 Mumbai: Union Bank of India announces its maiden Marginal Cost of Funds-based Lending Rate (MCLR). The new rate setting structure is based on the Marginal Cost of Funds rather than average cost and comes w.e.f. 1st April, 2016.The MCLR for loans with maturities up to 3 years will be lower than its current base rate of 9.65 %.The Bank will add a spread over the MCLR for the final loan rate to be charged. The rates take effect from 1st April, 2016 and are as follows:

Tenor
MCLR (%)
Overnight
9.25
1 Month
9.30
3 Months
9.35
6 Months
9.45
1 year
9.50
2 year
9.55
3 year
9.60

Henceforth, the above rates will be announced by the Bank every month.



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