UCO Bank has just updated its benchmark lending rates, set to take effect from September 11, 2024. Here’s a quick look at what’s changing and what it means for you:
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What’s New?
| Benchmark | Previous Rate | Revised Rate | Change | Effective Date |
|---|---|---|---|---|
| MCLR | September 11, 2024 | |||
| Overnight | 8.10% | 8.20% | +0.10% | |
| One Month | 8.30% | 8.40% | +0.10% | |
| Three Months | 8.45% | 8.55% | +0.10% | |
| Six Months | 8.70% | 8.85% | +0.15% | |
| One Year | 8.90% | 9.00% | +0.10% | |
| TBLR | September 11, 2024 | |||
| TBLR (3 Months) | 6.50% | 6.60% | +0.10% | |
| TBLR (6 Months) | 6.60% | 6.70% | +0.10% | |
| TBLR (12 Months) | 6.70% | 6.75% | +0.05% | |
| Other Rates | ||||
| Repo Linked Rate | 9.20% | 9.30% | +0.10% | |
| Base Rate | 9.50% | 9.60% | +0.10% | |
| BPLR | 14.00% | 14.25% | +0.25% |
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What Does This Mean for You?
- Short-Term Borrowing: If you have a loan tied to the Overnight, One Month, or Three Month MCLR, expect your rates to go up by 0.10%. The Six Month MCLR sees a slightly larger increase of 0.15%, and the One Year MCLR also rises by 0.10%.
- TBLR Adjustments: For those with loans linked to TBLR, the 3 and 6 Month rates are going up by 0.10%, while the 12 Month TBLR will increase by a modest 0.05%.
- Other Benchmarks: The Repo Linked Rate and Base Rate are both climbing by 0.10%. However, if your loan is linked to the BPLR, you’ll see a bigger jump of 0.25%.
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In a Nutshell: UCO Bank’s latest adjustments mean higher borrowing costs across various loan products. If you’re planning to take out a new loan or have existing loans linked to these benchmarks, it’s a good time to review your options and plan accordingly.
