State-run lender Bank of Baroda and Union Bank of India have lowered their lending rates by 5-10 bps.

BoB has reduced its one-year MCLR by 10 bps to 8.15% and one-month MCLR by 5 bps. The new rates will come into effect from February 12.

Union Bank of India has reduced its 3-month MCLR rate by 5 bps to 7.80% from 7.85%. The one-year MCLR capital stands at 8.10%. The revised rates will come into effect from February 11, 2020.

“Union Bank of India has recently reduced its home loan interest rates for different categories of borrowers by up to 30 bps, i.e. from 8.20% to 7.90%,” Union Bank said.