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Union Bank of India MCLR Rates, Union Bank of India Base Rate – Jul 2021

Union Bank of India MCLR Rate

Last Updated 16th Jul 2021

Current MCLR rate of Union Bank of India ranges from 6.60% to 7.25% varying by reset frequency of the loan. Union Bank of India 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 Union Bank Rate Today
Overnight 6.60%
1 Month 6.65%
3 Month 6.90%
6 Month 7.05%
1 Year 7.20%
2 Year 7.25%
3 Year 7.25%
Union Bank Base Rate 8.35%
Apply for Home Loan @ 6.65% *

Union Bank of India Interest Rates

Union Bank of India offers the following loans to its customer on these rates currently:

Home Loan Interest Rates 8.25% * Floating Detail
Loan Against Property Rates 9.80% * Floating Detail
Personal Loan Interest Rates 8.90% to 13.00% Detail
Car Loan Interest Rates 7.40% to 7.50% Detail
Fixed Deposit Interest Rates 3.00% to 5.60% Detail
RD Interest Rates 4.50% to 5.60% Detail

MCLR of Union Bank of India

Union Bank of India revises its MCLR rate on a monthly basis. Latest MCLR rates of Union Bank of India as announced on 11 Jun 2021 are:

  • Overnight MCLR Rate is 6.60%.
  • 1 Month MCLR Rate is 6.65%.
  • 3 Month MCLR Rate is 6.90%.
  • 6 Month MCLR Rate is 7.05%.
  • 1 Year MCLR Rate is 7.20%.
  • 2 Year MCLR Rate is 7.25%.
  • 3 Year MCLR Rate is 7.25%.
  • 5 Year MCLR Rate is 0.00%.

Union Bank of India MCLR Rate Trend

Date Union Bank of India MCLR
11th Jun 21 Overnight : 6.60%
1 Month : 6.65%
3 Month : 6.90%
6 Month : 7.05%
1 Year : 7.20%
2 Year : 7.25%
3 Year : 7.25%
11th May 21 Overnight : 6.60%
1 Month : 6.70%
3 Month : 6.90%
6 Month : 7.05%
1 Year : 7.20%
2 Year : 7.25%
3 Year : 7.25%
07th May 21 Overnight : 6.60%
1 Month : 6.70%
3 Month : 6.90%
6 Month : 7.05%
1 Year : 7.20%
2 Year : 7.25%
3 Year : 7.25%
11th Mar 21 Overnight : 6.60%
1 Month : 6.70%
3 Month : 6.90%
6 Month : 7.05%
1 Year : 7.20%
2 Year : 7.25%
3 Year : 7.25%
11th Feb 21 Overnight : 6.60%
1 Month : 6.70%
3 Month : 6.90%
6 Month : 7.05%
1 Year : 7.20%
2 Year : 7.35%
3 Year : 7.40%
11th Jan 21 Overnight : 6.60%
1 Month : 6.70%
3 Month : 6.90%
6 Month : 7.05%
1 Year : 7.20%
2 Year : 7.35%
3 Year : 7.40%
11th Dec 20 Overnight : 6.75%
1 Month : 6.75%
3 Month : 6.90%
6 Month : 7.05%
1 Year : 7.20%
2 Year : 7.35%
3 Year : 7.40%
11th Oct 20 Overnight : 6.75%
1 Month : 6.75%
3 Month : 6.90%
6 Month : 7.05%
1 Year : 7.20%
2 Year : 7.35%
3 Year : 7.40%
11th Sep 20 Overnight : 6.75%
1 Month : 6.75%
3 Month : 6.90%
6 Month : 7.05%
1 Year : 7.20%
2 Year : 7.35%
3 Year : 7.40%
11th Aug 20 Overnight : 6.80%
1 Month : 6.80%
3 Month : 6.95%
6 Month : 7.10%
1 Year : 7.25%
2 Year : 7.40%
3 Year : 7.45%
  • Effective 1st April 2016, Union Bank of India 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. Union Bank of India MCLR rates for different tenors range from 6.60% to 7.25%.
  • 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, Union Bank of India 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, Union Bank of India 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%, Union 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 Union Bank of India with that of RBI Repo Rate and MCLR Rate changes of other banks before taking a decision to take a loan from Union Bank of India.
  • MCLR rate can be revised by Union Bank of India every month. However, 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 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.

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 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 Union Bank of India MCLR Rates with Other Banks

About Union Bank of India

  • Union Bank of India's registered office is located at Union Bank Bhavan, 239, Vidhan Bhavan Marg, Nariman Point Mumbai Maharashtra-400021 .
  • Union Bank of India's management is led by its CEO Mr. Rajkiran Rai G..
  • Its current Base Rate is 8.35%, which was last revised on 01st Apr 21.

FAQs

What is the MCLR of Union Bank of India?

Union Bank of India MCLR ranges between 6.60% to 7.25% for a tenure ranging between 1 month to 5 years.

What is the current Union Bank of India MCLR rate?

Current Union Bank of India, overnight tenure is 6.60%, 1 month mclr is 6.65% , three month mclr is 6.90%, six month mclr is 7.05%, one year tenure is 7.20% and two year tenure is 7.25%.

What is Union Bank of India base rate?

Currently, Union Bank of India offers loans at a base rate of 8.35%.


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Union Bank News - Jul 2021
  • 2021-07-16 : UBI update on change in IFSC code for merged banks - Andhra Bank and Corporation Bank
    Union Bank of India (UBI) on Friday said the IFSC codes of the erstwhile e-Andhra Bank and e-Corporation Bank branches will change with effect from July 1, 2021. Customers of the erstwhile banks will have to get new cheque books with changed IFSC and MICR codes
  • 2021-05-13 : Revised MCLR for Union Bank of India
    Union Bank of India revised its MCLR for the month of May. The revised rates will be in effect from May 10, 2020. The overnight and one-month MCLR is 6.60% and 6.70% respectively. MCLR for three months is 6.90%, and it is 7.05% for six months. In addition to this, the rate for one, two, and three years is 7.20%, 7.25%, and 7.25%, respectively.
  • 2020-10-06 : Union Bank of India changed its MCLR
    Union Bank of India revised its MCLR for this month. The revised rates will be in effect from October 1, 2020. The overnight and one month MCLR is 6.75%, MCLR for three months is 6.90%, and it is 7.05% for six months. In addition to this, the rate for one, two, and three years is 7.20%, 7.35%, and 7.40%, respectively.
  • 2020-09-17 : Revised Marginal cost of lending rates for Union Bank of India
    Union Bank of India changed its MCLR. The overnight, one-month and three months MCLR is 6.75%, 6.75% and 6.90%, respectively. The MCLR for the short tenor of 6 months is 7.05%. Further, the MCLR for one year, two years and three years is 7.20%, 7.35% and 7.40%, respectively. The revised rates are in effect from 11 September 2020.
  • 2020-07-13 : New MCLR for Union Bank of India
    Union Bank of India revised its MCLR. The overnight, one-month and three months MCLR is 6.85%, 6.95% and 7.10%, respectively. The MCLR for the short tenor of 6 months is 7.25%. Further, the MCLR for one year, two years and three years is 7.40%, 7.55% and 7.60%, respectively. The revised rates are in effect from 11 July 2020.
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