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.