Union Bank of India MCLR
Union Bank of India MCLR ranges from 8.20% - 9.10% from 11th July 2024 to 10th August 2024. The MCLR rates are different for different tenures. The Overnight MCLR and 1 Month is 8.15%, 3 Months MCLR is 8.50%, 6 Months MCLR is 8.80%, 1 Year MCLR is 8.90%, 2 Years MCLR is 9% and 3 Years MCLR is 9.05%. The bank updated its MCLR on the 11th of every month.
Current MCLR Rate by Top Banks 2024
The Marginal Cost of the Fund-Based Lending Rate or MCLR in short, is an internal reference rate fixed by the Reserve Bank of India (RBI) for banks. MCLR helps banks in deciding the minimum interest rate for different types of loans. Banks are not allowed to lend below the MCLR, or else they will have to face strict regulatory action.
Following are the current Union Bank of India MCLR Rate and MCLR rates of other top banks in India:
| Bank Name | Overnight | 1 Month | 3 Months | 6 Months | 1 Year | 2 Years | 3 Years |
|---|---|---|---|---|---|---|---|
| Union Bank of India MCLR Rate | 8.15% | 8.15% | 8.50% | 8.80% | 8.90% | 9.00% | 9.05% |
| UCO Bank MCLR Rate | 8.10% | 8.30% | 8.50% | 8.70% | 8.90% | NA | NA |
| Axis Bank MCLR Rate | 9.10% | 9.10% | 9.20% | 9.25% | 9.30% | 9.40% | 9.45% |
| Yes Bank MCLR Rate | 9.20% | 9.55% | 10.20% | 10.45% | 10.60% | NA | NA |
| HDFC Bank MCLR Rate | 8.95% | 8.95% | 9.10% | 9.30% | 9.30% | 9.35% | 9.35% |
| ICICI Bank MCLR Rate | 8.60% | 8.60% | 8.65% | 9.00% | 9.10% | NA | NA |
| SBI MCLR Rate | 8.00% | 8.20% | 8.20% | 8.55% | 8.65% | 8.75% | 8.85% |
| PNB MCLR Rate | 8.25% | 8.30% | 8.50% | 8.70% | 8.85% | NA | 9.15% |
| PSB MCLR Rate | 8.00% | 8.30% | 8.45% | 8.75% | 8.95% | NA | NA |
| Citibank MCLR Rate | 7.05% | 7.10% | 7.25% | 7.30% | 7.20% | NA | NA |
| Bank of Baroda MCLR Rate | 8.10% | 8.30% | 8.45% | 8.65% | 8.85% | NA | NA |
| IndusInd Bank MCLR Rate | 10.10% | 10.15% | 10.30% | 10.45% | 10.45% | 10.45% | 10.45% |
| IDFC FIRST Bank MCLR Rate | 10.05% | 10.05% | 10.25% | 10.50% | 10.65% | NA | NA |
| Bank of India MCLR Rate | 8.10% | 8.40% | 8.50% | 8.70% | 8.90% | NA | 9.10% |
| Central Bank of India MCLR Rate | 8.00% | 8.05% | 8.40% | 8.60% | 8.75% | NA | NA |
| Federal Bank MCLR Rate | 9.45% | 9.50% | 9.55% | 9.65% | 9.70% | NA | NA |
| IDBI Bank MCLR Rate | 8.35% | 8.50% | 8.80% | 9.00% | 9.05% | 9.60% | 10.00% |
| Indian Overseas Bank MCLR Rate | 8.00% | 8.20% | 8.40% | 8.65% | 8.80% | 8.80% | 8.85% |
| Canara Bank MCLR Rate | 7.90% | 8.00% | 8.15% | 8.45% | 8.80% | NA | NA |
| Kotak Bank MCLR Rate | 8.70% | 8.95% | 9.10% | 9.35% | 9.50% | 9.50% | 9.60% |
| HSBC Bank MCLR Rate | 8.50% | 8.65% | 8.80% | 8.90% | 8.95% | NA | NA |
MCLR Rate of Union Bank
UBI MCLR ranges from 8.15% to 9.05% for different tenures with effect from 11th July 2024 to 10th August 2024. These rates will be applicable till the next review by the bank. Union Bank of India is a reputed public sector bank in India that offers various lending and banking products and services. The bank revised its MCLR in May, which makes lending products cheaper for its customers. Union Bank of India MCLR is the minimum interest rate below which the bank cannot charge for a specific loan product.
Union Bank of India revises its MCLR monthly on the 11th of every month. Below are the current MCLR Rate of Union Bank with effect from 11.07.2024 till 10.08.2024:
- Overnight: 8.15%
- 1 Month: 8.15%
- 3 Months: 8.50%
- 6 Months: 8.80%
- 1 Year: 8.90%
- 2 Years: 9.00%
- 3 Years: 9.05%
Union Bank MCLR Rate Trend
Below is the Union Bank of India MCLR trend for the last couple of years:
| Last MCLR Updated Date | Tenure | MCLR |
|---|---|---|
| 11.07.2024 | Overnight | 8.15% |
| 1 Month | 8.15% | |
| 3 Months | 8.50% | |
| 6 Months | 8.80% | |
| 1 Year | 8.90% | |
| 2 Years | 9.00% | |
| 3 Years | 9.05% | |
| 11.06.2024 | Overnight | 8.15% |
| 1 Month | 8.15% | |
| 3 Months | 8.50% | |
| 6 Months | 8.70% | |
| 1 Year | 8.90% | |
| 2 Years | 9.00% | |
| 3 Years | 9.05% | |
| 11.05.2024 | Overnight | 8.15% |
| 1 Month | 8.15% | |
| 3 Months | 8.50% | |
| 6 Months | 8.80% | |
| 1 Year | 8.90% | |
| 2 Years | 9% | |
| 3 Years | 9.05% | |
| 11.04.2024 | Overnight | 7.90% |
| 1 Month | 8.05% | |
| 3 Months | 8.25% | |
| 6 Months | 8.45% | |
| 1 Year | 8.65% | |
| 2 Years | 8.85% | |
| 3 Years | 9% | |
| 11.03.2023 | Overnight | 7.90% |
| 1 Month | 8.05% | |
| 3 Months | 8.25% | |
| 6 Months | 8.45% | |
| 1 Year | 8.65% | |
| 2 Years | 8.85% | |
| 3 Years | 9% | |
| 11.02.2023 | Overnight | 7.90% |
| 1 Month | 8.05% | |
| 3 Months | 8.25% | |
| 6 Months | 8.45% | |
| 1 Year | 8.65% | |
| 2 Years | 8.85% | |
| 3 Years | 9% | |
| 11.10.2022 | Overnight | 7.15% |
| 1 Month | 7.30% | |
| 3 Months | 7.50% | |
| 6 Months | 7.70% | |
| 1 Year | 7.90% | |
| 2 Years | 8.10% | |
| 3 Years | 8.25% | |
| 11.09.2022 | Overnight | 7% |
| 1 Month | 7.15% | |
| 3 Months | 7.35% | |
| 6 Months | 7.55% | |
| 1 Year | 7.75% | |
| 2 Years | 7.95% | |
| 3 Years | 8.10% | |
| 11.08.2022 | Overnight | 6.95% |
| 1 Month | 7.10% | |
| 3 Months | 7.30% | |
| 6 Months | 7.50% | |
| 1 Year | 7.70% | |
| 2 Years | 7.75% | |
| 3 Years | 7.75% | |
| 11.06.2022 | Overnight | 6.70% |
| 1 Month | 6.85% | |
| 3 Months | 7.10% | |
| 6 Months | 7.25% | |
| 1 Year | 7.45% | |
| 2 Years | 7.50% | |
| 3 Years | 7.50% | |
| 11.05.2022 | Overnight | 6.60% |
| 1 Month | 6.75% | |
| 3 Months | 7% | |
| 6 Months | 7.15% | |
| 1 Year | 7.35% | |
| 2 Years | 7.40% | |
| 3 Years | 7.40% |
Union Bank of India 1-Year MCLR Rate
1 year Union Bank MCLR Rate is 8.90% with effect from 11th July 2024 to 10th August 2024. This rate is applicable till the next review, i.e. 10th August 2024. The 1-year MCLR rate of the bank is updated every month on the 11th. Even a small change in the MCLR can affect your Union Bank of India Home Loan significantly, which is linked to MCLR or other lending products offered by the bank. Therefore, it is advised to check the updated MCLR rates of the bank before applying for a loan. A change in MCLR can affect your loan Equated Monthly Instalments (EMIs) as well.
Union Bank MCLR Rate History
There has been a significant change in the MCLR rates of Union Bank of India in the past couple of years. Following is the Union Bank MCLR History:
| Last MCLR Updated Date | MCLR |
|---|---|
| 11.07.2024 | 8.15% - 9.05% |
| 11.06.2024 | 8.15% - 9.05% |
| 11.05.2024 | 8.15% - 9.05% |
| 11.04.2023 | 7.90% - 9% |
| 11.03.2024 | 7.90% - 9% |
| 11.02.2023 | 7.90% - 9% |
| 11.10.2022 | 7.15% - 8.25% |
| 11.09.2022 | 7% - 8.10% |
| 11.08.2022 | 6.95% - 7.75% |
| 11.06.2022 | 6.70% - 7.50% |
| 11.05.2022 | 6.60% - 7.40% |
Union Bank of India EBLR History
| Last EBLR Updated Date | EBLR |
|---|---|
| 11/04/2024 | 9.25% |
| 11-02-2023 | 9.30% |
| 11-12-2023 | 9.25% |
| 11-12-2022 | 9.05% |
Union Bank of India MCLR FAQs
The current MCLRs of the bank from 11.07.2024 till 10.08.2024 are:
- Overnight: 8.15%
- 1 Month: 8.15%
- 3 Months: 8.50%
- 6 Months: 8.80%
- 1 Year: 8.90%
- 2 Years: 9.00%
- 3 Years: 9.05%
The MCLR rate of Union Bank of India today varies between 8.15% and 9.05% for different tenures.
The MCLR of the Bank of India is 8.15% - 9.10% at present.
The EBLR of the Union Bank of India is 9.25% w.e.f. 11.07.2024.
The EBLR offers benefits to the borrowers and lenders. Banks get the freedom to decide the spread over the EBLR. EBLR is an external rate, a policy rate cut regarding the lending rates will reach the borrowers sooner.
The spread means the amount/margin that borrowers have to pay over the MCLR. Lenders are free to set a range of spreads for different loans. For instance, if the MCLR is 10%, but the rate of interest offered by the bank is 10.25%. The difference of 0.25% is the spread imposed by the bank.
MCLR affects the floating interest rates. It is not a fixed rate due to economic changes.
MCLR provides various benefits including transparency, tenure-based rates, quicker response to policy rate changes, and effective interest rate transmission.