Union Bank of India hiked its marginal cost of funds-based lending rates by 15 basis points across tenures, effective today, according to information on the bank’s website.
After the revision, the bank’s lending rates are in the range of 7.65-8.75%.
The state-owned bank increased the MCLR by 5 bps across tenures in December.
According to rules established by the Reserve Bank of India, banks must evaluate their lending rates every month in light of the marginal cost of capital.
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