Union Bank of India Base Rate, Union Bank of India MCLR Base Rate Past Trend

Current Union Bank of India MCLR Base Rate

Last Updated 26th Nov 2016
7th Dec 2016 - RBI keeps interest rates unchanged. Repo rate stays at 6.25%. CRR at 4%. 100% CRR on fresh deposits withdrawn
Tenure MCLR, Base Rate
Overnight 9.05%
1 Month 9.10%
3 Month 9.15%
6 Month 9.25%
1 Year 9.30%
2 Year 9.35%
3 Year 9.40%
Current MCLR base rate of Union Bank of India ranges from 9.05% to 9.40% depending on the reset frequency of the loan. Rates are revised every month.
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Union Bank of India Interest Rates
Home Loan Interest Rates 9.40% * Floating Detail
Loan Against Property Rates 12.20% * Floating Detail
Personal Loan Interest Rates 14.40% * Detail
Fixed Deposit Interest Rates 5.00% to 7.25% * Detail

Past Trend Base Rate of Union Bank of India

Union Bank of India base rate history
Revised Date
Overnight MCLR
1 Month MCLR
3 Month MCLR
6 Month MCLR
1 Year MCLR
2 Year MCLR
3 Year MCLR
5 Year MCLR
01st Dec 16
9.05%
9.10%
9.15%
9.25%
9.30%
9.35%
9.40%
-
01st Nov 16
9.05%
9.10%
9.15%
9.25%
9.30%
9.35%
9.40%
-
01st Oct 16
9.15%
9.20%
9.25%
9.35%
9.40%
9.45%
9.50%
-
01st Sep 16
9.15%
9.20%
9.25%
9.35%
9.40%
9.45%
9.50%
-
01st Aug 16
9.20%
9.25%
9.30%
9.40%
9.45%
9.50%
9.55%
-
01st Jul 16
9.20%
9.25%
9.30%
9.40%
9.45%
9.50%
9.55%
-
01st Jun 16
9.20%
9.25%
9.30%
9.40%
9.45%
9.50%
9.55%
-
01st Apr 16
9.25%
9.30%
9.35%
9.45%
9.50%
9.55%
9.60%
-

Union Bank of India base rate Vs. RBI

  • RBI requires banks to set their own MCLR base rate based on their marginal cost of funds. So, Union Bank of India decides its own base rate from time to time based on prescribed guidelines and formula of RBI
  • Note that the RBI does not decide the MCLR base rate of any bank
  • Effective 1st April 2016, the minimum base rate is determined based on marginal cost of funds and not on overall cost of funds. Union Bank of India has different MCLR base rates ranging from 9.05% to 9.40% for different tenures

Changes in MCLR Base rate of Union Bank of India

  • MCLR rate can be revised by Union Bank of India every month
  • Note that it is not mandatory for Union Bank of India to revise its rate every month and it may choose to retain the same rate for a longer period

Union Bank of India home loan interest rate and MCLR

  • Every floating rate loan sanctioned by Union Bank of India is benchmarked to its MCLR base rate for a particular tenure, say 1 month or 3 month or 6 months
  • Shorter duration loans (such as cash credit, OD facility, overnight loans) are linked to shorter duration 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
  • Your loan from Union Bank of India will be repriced periodically depending upon the tenure of the MCLR to which it is linked. So, a home loan linked to 1 year MCLR rate of Union Bank of India will be repriced every year. Say, you take a loan at 1 year MCLR plus 50 bps spread when the 1 year MCLR is 9.50%. This loan will initially be priced at 10%. Its next re-pricing will be one year from now. If the 1 year MCLR rate after one year is 9.25%, the loan will be priced at 9.75% for the next year

Past trend of Union Bank of India Base Rate vs RBI Repo Rate

Date Base Rate
01st Dec 16 9.55%
04th Oct 16: 0.25% repo cut by RBI
30th Jun 16 9.60% decreased by 0.05%
05th Apr 16: 0.25% repo cut by RBI
05th Oct 15 9.65% decreased by 0.35%
29th Sep 15: 0.5% repo cut by RBI
02nd Jun 15: 0.25% repo cut by RBI
04th Mar 15: 0.25% repo cut by RBI
27th Jan 15 10.00% increased by 2%
15th Jan 15: 0.25% repo cut by RBI
28th Jan 14: 0.25% repo hike by RBI
18th Dec 13: 0% repo none by RBI
29th Oct 13: 0.25% repo hike by RBI
20th Sep 13: 0.25% repo hike by RBI
06th Sep 13 10.25%
08th Jul 13 10.00% decreased by 0.25%
03rd May 13: 0.25% repo cut by RBI
19th Mar 13: 0.25% repo cut by RBI
09th Feb 13 10.25% increased by 0.25%
29th Jan 13: 0.25% repo cut by RBI
01st May 12 10.50% increased by 0.25%
17th Apr 12: 0.5% repo cut by RBI
26th Dec 11 10.65% increased by 0.15%
25th Oct 11: 0.25% repo hike by RBI
16th Sep 11: 0.25% repo hike by RBI
08th Aug 11 10.75% increased by 0.1%
26th Jul 11: 0.5% repo hike by RBI
11th Jul 11 10.25% decreased by 0.5%
16th Jun 11: 0.25% repo hike by RBI
07th May 11 10.00% decreased by 0.25%
03rd May 11: 0.5% repo hike by RBI
17th Mar 11: 0.25% repo hike by RBI
04th Feb 11 9.50% decreased by 0.5%
25th Jan 11: 0.25% repo hike by RBI
27th Dec 10 9.00% decreased by 0.5%
02nd Nov 10: 0.25% repo hike by RBI
18th Oct 10 8.50% decreased by 0.5%
16th Sep 10: 0.25% repo hike by RBI
27th Jul 10: 0.25% repo hike by RBI
02nd Jul 10: 0.25% repo hike by RBI
01st Jul 10 8.00% decreased by 0.5%

Union Bank of India Base Rate Vs. RBI Repo Rate Trend

About Union Bank of India

  • Union Bank of India is a Public Sector Bank in India with 4,078 branches, 7,020 ATM's and 35,514 employees across the country.
  • Union Bank of India's registered office is located at Union Bank Bhavan, 239, Vidhan Bhavan Marg, Nariman Point Mumbai Maharashtra-400021 .
  • For the year ended 31st Mar 15, the bank reported Net Interest Income of Rs. 8,444 crs. and Standalone net profit of Rs. 1,782 crs. Union Bank of India reported total deposits of Rs. 316,870 crs and total advances of Rs. 262,757 crs.
  • Union Bank of India's management is led by its CEO Mr. Arun Tiwari.
  • Highest fixed deposit interest offered by Union Bank of India is 7.25% per annum on deposits.
  • Its current Base Rate is 9.55%, which was last revised on 01st Dec 16.
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News - Dec 2016
18th Nov 16 Union Bank new business loan scheme for startups
Union Bank of India has launched a new business loan scheme to support and promote start ups at its 98th foundation day. The bank will provide term loan and working capital finance up to Rs. 5 crores at low interest rate with no processing fees.
01st Sep 16 Union Bank of India will reduce its MCLR from September 1, 2016
Union Bank of India has reduced its Marginal Cost Based Lending Rate (MCLR) by 5 basis points (bps) across maturities. The 1 year MCLR has been reduced to 9.4 percent from the current rate of 9.45 percent. The 2 year and 3 year MCLR is reduced to 9.45 and 9.5 percent respectively. The 3 month and 6 month MCLR has been reduced to 9.25 percent and 9.35 percent respectively. Similarly the Overnight and 1 month MCLR has been reduced to 9.15 and 9.2 percent. These changes are effective from 1st September, 2016. For borrowers who have taken a home loan from Union Bank of India after 1st April 2016, the reduction in MCLR will translate into a reduction in their floating home loan rates and hence their interest outgo.
11th Aug 16 Union Bank of India app allows users to control credit card transactions
Union Bank of India has launched an app called UControl for its customers that will allow them to block transactions and set limits over their credit cards. This app will also allow customers to block certain transaction channels such as ATM withdrawals, in store transactions, Internet transactions and foreign transactions. Through this app, customer can also monitor and analyze spends of dependents or joint cardholders.
08th Aug 16 Union Bank of India Q1 profit falls to Rs 166.32 crore
Union Bank of India Ltd reported a fall of 68 per cent in net profit to Rs. 166.32 crore in the first quarter of FY17. Net interest income of the bank decreased to Rs. 2102.25 crore against Rs. 2130.17 crore during same period of FY16. Gross NPAs of the bank as a percentage of total loans increased by 12.86 per cent to Rs. 27280.90 crore in the first quarter of FY17.
26th May 16 Union Bank of India launches product to facilitate stamp duty and registration on property purchases
Union Bank of India launched e SBTR (Electronic Secured Bank Treasury Receipt), a facility for a single window payment facility of both stamp duty and registration fee for home purchase in Maharashtra. The e SBTR allows payment without any ceiling and is available on 24x7x365 through internet banking. The facility makes it possible to do the necessary paper work and formalities on line and get the endorsement of the final document at the branch level at one go.
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