Union Bank of India have increased their marginal costs of funds-based lending rates (MCLR) on loans.
Banks have been increasing loan interest rates ever since the Reserve Bank of India (RBI) started to hike the repo rate in May 2022. The central bank raised the repo rate by 50 basis points to 5.90% in its most recent monetary policy announcement on September 30, 2022.
Union Bank of India
With this hike, the bank’s overnight rate MCLR is now 7.45% from 7.15 percent, while its one-month, three-month, and six-month rates are now 7.60 percent, 7.80 percent, and 8 percent, respectively. The one-year MCLR, two-year MCLR, and three-year MCLR stand at 8.20 percent, 8.40 percent, and 8.55 percent, respectively.
