[ad_1]
With this hike, the bank’s overnight rate is now 6.80 percent, while its one-month, three-month, and six-month rates are now 6.95 percent, 7.20 percent, and 7.35 percent, respectively. The one-year MCLR, two-year MCLR, and three-year MCLR stand at 7.55 percent, 7.60 percent, and 7.60 percent, respectively.
Latest Union Bank of India MCLR
Source: Bank website
The increase in the MCLR rate would result in higher loan interest rates for both new and existing borrowers.
A benchmark interest rate known as the “marginal cost of lending rate,” or “MCLR,” is the lowest interest rate at which banks may grant loans to their customers. It establishes the minimum interest rate that can be charged on a loan.
On July 1, 2022, the bank base rate was modified to 8.40 percent, and from June 11, 2022, the external benchmark-based lending rate is now 7.70 percent.
[ad_2]
Source link
