Union Bank of India has raised its marginal costs of funds-based lending rates (MCLR) by 10 basis points (bps) across all tenures. The revised interest rates are effective from 11 September to 10 October 2022. The rates are hiked between 5 basis points to 35 basis points (bps).

With this hike, the bank’s overnight rate MCLR is now 7% from earlier 6.95 percent, while its one-month, three-month, and six-month rates are now 7.15 percent, 7.35 percent, and 7.55 percent, respectively. The one-year MCLR, two-year MCLR, and three-year MCLR stand at 7.75 percent, 7.95percent, and 8.10 percent, respectively.

Latest Union Bank MCLR

Source: Union Bank website


The bank’s EBLR remains unchanged at 8.20 percent.

Other banks that have hiked MCLR

Other banks including ICICI Bank, HDFC Bank, Bank of Baroda also revised their MCLR after the Reserve Bank of India raised its repo rate by 50 bps to 4.50% in its monetary policy meet.