UCO Bank reduces its MCLR Rates from 10 March

Kolkata, 7 March (HS): As the entire country is agog with the problems in private sector YES Bank, Kolkata headquartered public sector UCO Bank has announced its decision to further reduce its Marginal Cost of Funds Based Lending Rates (MCLR) by 10 basis points across various tenors with effect from 10 March.

Informing this top UCO Bank sources told Hindusthan Samachar here this afternoon that following the decision earlier today the revised one-year MCLR would now stand at 8.20 per cent, down from 8.30 per cent within the next 72 hours.

Similarly,the revised overnight,one-month, three-months and six months tenor MCLR which now stood at 7.60 per cent, 7.75 per cent,7.85 per cent and 8.10 per cent respectively,would have 10 basis points lower than their existing levels also from 10 March(Tuesday).

As a result,all MCLR linked loans would become cheaper from next week, they said.