United Bank of India MCLR Rates, United Bank of India Base Rate – Feb 2018

United Bank of India MCLR Rate

Current MCLR rate of United Bank of India ranges from 7.90% to 8.60% 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 tenor.

Base rate to be aligned to MCLR from 1st April 2018 - RBI in its monetary policy on 7th Feb 2018 has mandated that banks’ base rates be linked to MCLR rates. This will benefit United Bank of India home loan and loan against property borrowers whose loans are linked to base rate. Any increase or decrease in United Bank of India MCLR rates will now automatically be applicable to pre 2016 loans that are benchmarked to base rate.

Tenure wise MCLR United Bank Rate Today
Overnight 7.90%
1 Month 7.95%
3 Month 8.20%
6 Month 8.45%
1 Year 8.60%
United Bank Base Rate 9.65%

United Bank of India Interest Rates

United Bank of India Interest Rates
Home Loan Interest Rates 8.55% * Floating Detail
Loan Against Property Rates 10.65% * Floating Detail
Car Loan Interest Rates 9.35% to 10.45% Detail
Business Loan Interest Rates 14.15% to 14.15% Detail
RD Interest Rates 4.00% to 6.10% 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 06 Nov 2017 are:

  • Overnight MCLR Rate is 7.90%. The rate was last revised on 06 Nov 2017 to 7.90% from 8.20%
  • 1 Month MCLR Rate is 7.95%. The rate was last revised on 06 Nov 2017 to 7.95% from 8.25%
  • 3 Month MCLR Rate is 8.20%. The rate was last revised on 06 Nov 2017 to 8.20% from 8.40%
  • 6 Month MCLR Rate is 8.45%. The rate was last revised on 06 Nov 2017 to 8.45% from 8.55%
  • 1 Year MCLR Rate is 8.60%. The rate was last revised on 06 Nov 2017 to 8.60% from 8.75%

United Bank of India MCLR Rate Trend

Date United Bank of India MCLR
06th Nov 17
Overnight : 7.90%
1 Month : 7.95%
3 Month : 8.20%
6 Month : 8.45%
1 Year : 8.60%
16th Jun 17
Overnight : 8.20%
1 Month : 8.25%
3 Month : 8.40%
6 Month : 8.55%
1 Year : 8.75%
15th May 17
Overnight : 8.20%
1 Month : 8.25%
3 Month : 8.40%
6 Month : 8.60%
1 Year : 8.75%
15th Apr 17
Overnight : 8.30%
1 Month : 8.35%
3 Month : 8.45%
6 Month : 8.65%
1 Year : 8.80%
06th Jan 17
Overnight : 8.30%
1 Month : 8.35%
3 Month : 8.45%
6 Month : 8.65%
1 Year : 8.80%
17th Oct 16
Overnight : 9.20%
1 Month : 9.25%
3 Month : 9.30%
6 Month : 9.35%
1 Year : 9.40%
01st Jul 16
Overnight : 9.25%
1 Month : 9.30%
3 Month : 9.35%
6 Month : 9.40%
1 Year : 9.45%
01st Jul 16
Overnight : 9.25%
1 Month : 9.30%
3 Month : 9.35%
6 Month : 9.40%
1 Year : 9.45%
01st Apr 16
Overnight : 9.25%
1 Month : 9.30%
3 Month : 9.35%
6 Month : 9.40%
1 Year : 9.45%
  • 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 7.90% to 8.60%.
  • 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 6 Month 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.

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.
  • Your loan from United 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 6 Month MCLR rate of United Bank of India will be repriced every year. Say, you take a loan from United Bank at 6 Month MCLR rate plus 20 bps spread when the 6 Month MCLR rate is 8.45%. This loan will initially be priced at 8.65%. Its next re-pricing will be done one year from now. If the 6 Month MCLR rate after one year increases by 10 bps, the loan will be priced at 8.75% for the next year.

Compare MCLR Rate Movement



    Compare United Bank of India MLCR 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. P. Srinivas.
    • Its current Base Rate is 10.25%, which was last revised on 05th Oct 15.
    United Bank News - Feb 2018
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