Good news for borrowers! Union Bank of India reduces MCLR by 10 bps

In what comes as a good news for borrowers, the Union Bank Of India reduces has reduced MCLR by 10 bps across all tenors. In a statement on Tuesday, the bank said that the Marginal Cost of Funds - based Lending rate (MCLR) has been reduced by 10 basis points across all tenors with effect from March 11, 2020 till March 31, 2020. After the latest rate cut, the MCLR stands at 8 per cent. This is the ninth consecutive rate cut announced by Union Bank of India, since July 2019.

"Union Bank of India today announced reduction in  Marginal Cost of Funds - based Lending rate (MCLR) by 10 basis points across all tenors w.e.f. 11th March 2020 till 31st March, 2020. One year MCLR now stands at 8.00%, down from 8.10%," the statement from the bank read. 

Here are the new MCLR rates from Union Bank of India:

In an interview with Zee Business, bank's CEO and MD Rajkiran Rai G had said that lender's retail growth stood at 10 per cent and the performance was improving.

"Retail Growth stood at 10% on Year-on-Year (YoY) basis in the last quarter. Union Bank's performance has been steady and is improving and it has posted a profit of Rs575 crore in the quarter. Similarly, there is an improvement in net interest margins and cost to income has gone down. All operating efficiencies have also improved a lot and are reflecting in our numbers," he had said.