Union Bank cuts MCLR rate

The Union Bank of India has pared its marginal cost of funds based lending rate (MCLR) by 5 basis points across all tenors with effect from July 1. The benchmark one-year MCLR now stands at 8.55 per cent against 8.60 per cent earlier. All rupee loans sanctioned and credit limits renewed with effect from April 1, 2016 are priced with reference to MCLR, which is the internal benchmark for such purposes.