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

United Bank of India MCLR Rate

Last Updated 15th Jul 2021

Current MCLR rate of United Bank of India ranges from 6.65% to 7.60% varying by reset frequency of the loan. United 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 United Bank Rate Today
Overnight 6.65%
1 Month 6.70%
3 Month 6.80%
6 Month 7.00%
1 Year 7.30%
3 Year 7.60%
United Bank Base Rate 9.55%

United Bank of India has merged into Punjab National Bank on April 1, 2020. The interest rates of Punjab National Bank will now be applicable on United Bank of India.

Apply for Home Loan @ 6.65% *

United Bank of India Interest Rates

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

Home Loan Interest Rates 6.95% * Floating Detail
Loan Against Property Rates 10.75% * Floating Detail
Car Loan Interest Rates 8.60% to 8.85% Detail
Business Loan Interest Rates 13.00% to 13.00% Detail
Fixed Deposit Interest Rates 3.00% to 5.30% Detail

MCLR of United Bank of India

United Bank of India revises its MCLR rate on a monthly basis. Latest MCLR rates of United Bank of India as announced on 01 Jul 2021 are:

  • Overnight MCLR Rate is 6.65%.
  • 1 Month MCLR Rate is 6.70%.
  • 3 Month MCLR Rate is 6.80%.
  • 6 Month MCLR Rate is 7.00%.
  • 1 Year MCLR Rate is 7.30%.
  • 2 Year MCLR Rate is 0.00%.
  • 3 Year MCLR Rate is 7.60%.
  • 5 Year MCLR Rate is 0.00%.

United Bank of India MCLR Rate Trend

Date United Bank of India MCLR
01st Jul 21 Overnight : 6.65%
1 Month : 6.70%
3 Month : 6.80%
6 Month : 7.00%
1 Year : 7.30%
3 Year : 7.60%
01st Jun 21 Overnight : 6.65%
1 Month : 6.70%
3 Month : 6.80%
6 Month : 7.00%
1 Year : 7.30%
3 Year : 7.60%
01st May 21 Overnight : 6.65%
1 Month : 6.70%
3 Month : 6.90%
6 Month : 7.10%
1 Year : 7.35%
2 Year : 7.60%
01st Apr 21 Overnight : 6.65%
1 Month : 6.70%
3 Month : 6.90%
6 Month : 7.10%
1 Year : 7.35%
2 Year : 7.60%
01st Mar 21 Overnight : 6.65%
1 Month : 6.70%
3 Month : 6.90%
6 Month : 7.10%
1 Year : 7.35%
2 Year : 7.60%
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%
01st Feb 21 Overnight : 6.65%
1 Month : 6.70%
3 Month : 6.90%
6 Month : 7.10%
1 Year : 7.35%
3 Year : 7.60%
01st Jan 21 Overnight : 6.65%
1 Month : 6.70%
3 Month : 6.90%
6 Month : 7.10%
1 Year : 7.35%
3 Year : 7.60%
01st Oct 20 Overnight : 6.80%
1 Month : 6.80%
3 Month : 6.95%
6 Month : 7.15%
1 Year : 7.35%
2 Year : 7.60%
01st Sep 20 Overnight : 6.80%
1 Month : 6.80%
3 Month : 6.95%
6 Month : 7.15%
1 Year : 7.35%
3 Year : 7.60%
01st Aug 20 Overnight : 6.80%
1 Month : 6.80%
3 Month : 6.95%
6 Month : 7.15%
1 Year : 7.35%
3 Year : 7.60%
  • Effective 1st April 2016, United 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. United Bank of India MCLR rates for different tenors range from 6.65% to 7.60%.
  • 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, United 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, United 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%, United 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 United 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 United Bank of India.
  • MCLR rate can be revised by United Bank of India every month. However, it is not mandatory for United 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.

United Bank of India Home Loan Interest Rate and MCLR

  • Every floating rate loan sanctioned by United 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 United Bank of India MCLR Rates with Other Banks

About United Bank of India

  • United Bank of India's registered office is located at United Tower, 11, Hemanta Basu Sarani,Kolkata West Bengal 700001 .
  • United Bank of India's management is led by its CEO Mr. Ashok Kumar Pradhan.
  • Its current Base Rate is 9.55%, which was last revised on 01st Oct 19.

FAQs

What is the MCLR of United Bank of India?

United Bank of India MCLR ranges between 6.65% to 7.60% for a tenure ranging between 1 month to 5 years.

What is the current United Bank of India MCLR rate?

Current United Bank of India, overnight tenure is 6.65%, 1 month mclr is 6.70% , three month mclr is 6.80%, six month mclr is 7.00%, one year tenure is 7.30% and two year tenure is 0.00%.

What is United Bank of India base rate?

Currently, United Bank of India offers loans at a base rate of 9.55%.


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United Bank News - Jul 2021
  • 2021-07-15 : UBI and OBC merged with PNB
    After the merger of UBI and OBC with PNB in April 2020, PNB has now updated the IFSC codes of all the branches of PNB and UBI. New IFSC codes have come into effect from July 1, 2021.
  • 2020-03-18 : United Bank of India revised its MCLR
    United Bank of India changed its MCLR with effect from 16 March 2020. The overnight and one-month MCLR is 7.50% and 8%, respectively. The MCLR for three months and six months is 8.10% and 8.20%, respectively. Further, the one-year lending rate is 8.30%.
  • 2020-01-17 : United Bank cut its MCLR by 90 bps
    With effect from 16 January 2020, United Bank revised its MCLR. The overnight MCLR stands at 7.50% from 8.40% earlier. The one-month, 3 months and 6 months lending rate is 8%, 8.10% and 8.20%, respectively. The revised rate will impact home loans and loans against property.
  • 2019-07-19 : United Bank of India loans to get cheaper, as lender reduces MCLR rates by 5 basis points
    United Bank of India has cut its Marginal Cost of Funds Based Lending Rate (MCLR) by 5 basis points. The move is supposed to make customer loans like home loans and mortgage loans cheaper. The lender has reduced a one-year MCLR rate to 8.70% as against 8.75% earlier. For one-month and three months, the rate has been revised to 8.25% and 8.40% respectively, which is also down by 5 basis points from earlier rates. The rates are effective from July 17, 2019.
  • 2019-04-18 : United Bank of India cuts MCLR by 5 basis points
    United Bank of India has reduced its Marginal Cost of Funds Based Lending Rate (MCLR) by 5 basis points across all tenors for the month of April. The move is supposed to make home loans and mortgage loans cheaper. Now for 3 months, the MCLR stands at 8.45% as compared to 8.50% earlier while for 6 months, the rate has been revised to 8.55% from 8.60% respectively and for 1 year the rate now stands at 8.80% from 8.85% earlier. The revised rates are effective from April 18, 2019.
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