<p>State-run Union Bank of India on Friday announced a reduction in its marginal cost of funds-based lending rate (MCLR) by 20 basis points across tenors.</p>.<p>The new rates are applicable from July 11.</p>.<p>The revised one-year MCLR stands at 7.40 per cent against 7.60 per cent earlier, the bank said in a release.</p>.<p>Three-month and six-month MCLRs have been cut to 7.10 per cent and 7.25 per cent, respectively.</p>.<p>This is the thirteenth consecutive rate cut by the lender since July last year.</p>.<p>The country's largest lender State Bank of India has also reduced its MCLR by 5-10 basis points (bps) for shorter tenors, effective Friday.</p>.<p>Another state-run Indian Overseas Bank (IOB) has cut its MCLR by up to 25 bps across tenors.</p>.<p>Earlier this week, Canara Bank and Bank of Maharashtra (BoM) also reduced their MCLRs by 10 bps and 20 bps, respectively across all tenors.</p>
<p>State-run Union Bank of India on Friday announced a reduction in its marginal cost of funds-based lending rate (MCLR) by 20 basis points across tenors.</p>.<p>The new rates are applicable from July 11.</p>.<p>The revised one-year MCLR stands at 7.40 per cent against 7.60 per cent earlier, the bank said in a release.</p>.<p>Three-month and six-month MCLRs have been cut to 7.10 per cent and 7.25 per cent, respectively.</p>.<p>This is the thirteenth consecutive rate cut by the lender since July last year.</p>.<p>The country's largest lender State Bank of India has also reduced its MCLR by 5-10 basis points (bps) for shorter tenors, effective Friday.</p>.<p>Another state-run Indian Overseas Bank (IOB) has cut its MCLR by up to 25 bps across tenors.</p>.<p>Earlier this week, Canara Bank and Bank of Maharashtra (BoM) also reduced their MCLRs by 10 bps and 20 bps, respectively across all tenors.</p>