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UCO Bank MCLR Rates, UCO Bank Base Rate – Jul 2021

UCO Bank MCLR Rate

Last Updated 08th Jun 2021

Current MCLR rate of UCO Bank ranges from 6.70% to 7.30% varying by reset frequency of the loan. UCO Bank revises MCLR rates on a monthly basis and benchmark its interest rates for home loan and other loans to MCLR rates of different tenors.

Tenure wise MCLR UCO Bank Rate Today
Overnight 6.70%
1 Month 6.85%
3 Month 6.95%
6 Month 7.20%
1 Year 7.30%
UCO Bank Base Rate 9.60%
Apply for Home Loan @ 6.65% *

UCO Bank Interest Rates

UCO Bank offers the following loans to its customer on these rates currently:

Home Loan Interest Rates 6.90% * Floating Detail
Loan Against Property Rates 9.45% * Floating Detail
Fixed Deposit Interest Rates 2.75% to 5.00% Detail
Saving Account Interest Rates 2.50% to 2.50% Detail
RD Interest Rates 4.90% to 5.00% Detail

MCLR of UCO Bank

UCO Bank revises its MCLR rate on a monthly basis. Latest MCLR rates of UCO Bank as announced on 10 May 2021 are:

  • Overnight MCLR Rate is 6.70%.
  • 1 Month MCLR Rate is 6.85%.
  • 3 Month MCLR Rate is 6.95%.
  • 6 Month MCLR Rate is 7.20%.
  • 1 Year MCLR Rate is 7.30%.
  • 2 Year MCLR Rate is 0.00%.
  • 3 Year MCLR Rate is 0.00%.
  • 5 Year MCLR Rate is 0.00%.

UCO Bank MCLR Rate Trend

Date UCO Bank MCLR
10th May 21 Overnight : 6.70%
1 Month : 6.85%
3 Month : 6.95%
6 Month : 7.20%
1 Year : 7.30%
10th Feb 21 Overnight : 6.70%
1 Month : 6.85%
3 Month : 6.95%
6 Month : 7.20%
1 Year : 7.30%
10th Jan 21 Overnight : 6.70%
1 Month : 6.85%
3 Month : 6.95%
6 Month : 7.20%
1 Year : 7.30%
10th Dec 20 Overnight : 6.70%
1 Month : 6.85%
3 Month : 6.95%
6 Month : 7.20%
1 Year : 7.30%
10th Oct 20 Overnight : 6.70%
1 Month : 6.85%
3 Month : 6.95%
6 Month : 7.20%
1 Year : 7.30%
10th Sep 20 Overnight : 6.75%
1 Month : 6.90%
3 Month : 7.00%
6 Month : 7.25%
1 Year : 7.35%
10th Aug 20 Overnight : 6.80%
1 Month : 6.95%
3 Month : 7.05%
6 Month : 7.30%
1 Year : 7.40%
  • Effective 1st April 2016, UCO Bank has been directed by RBI to fix its loan interest rates benchmarked to MCLR rate which is based on its marginal cost of funds. Earlier, the bank fixed its loan interest rates to Base Rate, which was based on total cost of funds of the bank. UCO Bank MCLR rates for different tenors range from 6.70% to 7.30%.
  • RBI allows banks to set their own MCLR Rate based on their marginal cost of funds which means the cost of raising new funds for the bank. So, UCO Bank decides and announces its MCLR rate regularly based on prescribed formula and policy rate changes by RBI in its monetary policy.
  • Note that the RBI does not decide the MCLR Rate of any bank. RBI only announces the repo rate, which influences the cost of raising new funds for the bank. Banks may or may not decide to change their MCLR rate in response to changes in the repo rate. For instance, UCO Bank may decide to bring a lower cut in their MCLR rate compared to a Repo Rate cut. If RBI cuts the repo rate by 50 basis points or 0.5%, UCO Bank may decide to cut its MCLR rate only by 0.25% based on its internal funding and liquidity position. Hence, it is important to compare the MCLR rate change of UCO Bank with that of RBI Repo Rate and MCLR Rate changes of other banks before taking a decision to take a loan from UCO Bank.
  • MCLR rate can be revised by UCO Bank every month. However, it is not mandatory for UCO Bank to revise its rate every month and it may choose to retain the same rate for a longer period keeping them unchanged.
  • As per the latest regulations given by RBI, with effect from April 1, 2019, all floating interest rates on retail loans are to be linked to external benchmark lending rates. These could be the RBI's repo rate, three-month treasury bill yield, six-month treasury bill yield or other benchmark rate published by the Financial Benchmarks India Pvt Ltd.This was done in view to promote the easier transmission of reduced interest rates to customers, which was not well done when rates were linked to MCLR.

UCO Bank Home Loan Interest Rate and MCLR

  • Every floating rate loan sanctioned by UCO Bank is benchmarked to its MCLR Rate for a particular tenure, say 1 month or 3 month or 6 months.
  • Shorter duration loans such as cash credit, OD facility, personal loans are linked to short tenure MCLR rate while longer duration loans such as home loan, loan against property, vehicle loan are linked to longer duration MCLR rates.
  • The applicable rate of interest on a floating rate loan will consist of two parts - the applicable benchmark rate and the spread or margin above the benchmark.

Compare UCO Bank MCLR Rates with Other Banks

About UCO Bank

  • UCO Bank's registered office is located at 10, BTM Sarani, Barbourne Road, 7th Floor Kolkata West Bengal-700001 .
  • UCO Bank's management is led by its CEO Mr. Atul Kumar Goel.
  • Its current Base Rate is 9.60%, which was last revised on 10th Sep 17.

FAQs

What is the MCLR of UCO Bank?

UCO Bank MCLR ranges between 6.70% to 7.30% for a tenure ranging between 1 month to 5 years.

What is the current UCO Bank MCLR rate?

Current UCO Bank, overnight tenure is 6.70%, 1 month mclr is 6.85% , three month mclr is 6.95%, six month mclr is 7.20%, one year tenure is 7.30% and two year tenure is 0.00%.

What is UCO Bank base rate?

Currently, UCO Bank offers loans at a base rate of 9.60%.


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UCO Bank News - Jul 2021
  • 2021-02-17 : Revised MCLR for UCO Bank
    With effect from 10 february 2021, UCO Bank revised its MCLR. The overnight MCLR is 6.70%. The one-month and three months MCLR stands at 6.85% and 6.95%, respectively. Further, the six months and one-year MCLR is 7.20% and 7.30%, respectively.
  • 2020-10-15 : New MCLR for UCO Bank
    With effect from 10 October 2020, UCO Bank revised its MCLR. The overnight MCLR is 6.70%. The one-month and three months MCLR stand at 6.85% and 6.95%, respectively. Further, the six months and one-year MCLR is 7.20% and 7.30%, respectively.
  • 2019-09-13 : Revised MCLR rates by UCO Bank
    UCO Bank has revised its MCLR rate with effect from September 10, 2019. The revised tenure for the overnight time period is 7.85%; for one month it is 8%; for three months the MCLR is 8.10%, and for six months it is 8.35%. The MCLR for one year is revised to 8.45%.
  • 2019-06-14 : UCO Bank revises MCLR rates across loan tenures
    Private sector lender, UCO Bank has revised its Marginal Cost of Funds Based Lending Rate (MCLR) across all tenure for June. Now the retail loans, including home loans and mortgage loans, would become cheaper. Now for one month and three months, the rate stands at 8.20% and 8.30% respectively. For 6 months, the rate has been revised to 8.55%. While for 1 year, the rate stands at 8.65%. The revised rates are effective from June 10, 2019.
  • 2019-03-15 : UCO Bank reduces MCLR rates across all loan tenors
    UCO Bank has reduced its Marginal Cost of Funds Based Lending Rate (MCLR) across all tenors for the month of March. The move is supposed to make home loans, auto loans and other loans cheaper. Now for 1 month, the MCLR stands at 8.25% while for 3 months, the rate has been revised to 8.35% and for six months the rate has been revised to 8.60% respectively. The revised rates are effective from March 10, 2019.
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