UCO Bank reduced its marginal cost of fund-based lending rate by 10 basis points across tenures after the RBI cut the repo rate,
The MCLR has been reduced across all tenors. This means that loans linked to the MCLR, such as home loans, personal loans and some business loans, may become cheaper for customers, according to an exchange filing.
Effective from June 10, the overnight MCLR has been decreased from 8.25% to 8.15%. The one-month MCLR has been lowered from 8.45% to 8.35%. Three-month MCLR has seen a cut from 8.6% to 8.5% and the six-month MCLR from 8.9% to 8.8%. The one-year MCLR decreased from 9.1% to 9%.
Other benchmark rates revised will be effective from June 9. All treasury bill-linked rates for three months, six months and 12 months have been reduced from their previous rates of 6% or 6.05% to a uniform 5.8%.
