Union Bank, Dena Bank reduce MCLR rates

Union Bank of India and Dena Bank reduced their marginal cost of lending rates across various tenors with effect from Friday.

Mumbai: State-run lenders Union Bank of India and Dena Bank on Friday reduced their marginal cost of lending rates across various tenors with effect from today.

Union Bank has cut its MCLR by 20 basis points across all tenors.

The new one-year MCLR has been set at 8.20 percent as against 8.40 percent earlier, Union Bank said in a statement.

Six-month MCLR has been cut to 8.05 percent while two and three years lending rates have been reduced to 8.25 percent and 8.30 percent, respectively.

Dena Bank has reduced MCLR by 15 basis points across one year, six months, three months and one month.

It has fixed its one-year MCLR rate at 8.40 percent from 8.55 percent, the bank said.

The city-based lender has revised downwards its overnight MCLR at 8.20 percent while the one-month period rate has been fixed at 8.20 percent.

For three months period MCLR has been fixed at 8.30 percent.