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

United Bank of India MCLR Rate

5th Dec 2018 – RBI keeps Repo Rate unchanged at 6.50%

Current MCLR rate of United Bank of India ranges from 8.15% to 8.85% 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.

Tenure wise MCLR United Bank Rate Today
Overnight 8.15%
1 Month 8.40%
3 Month 8.55%
6 Month 8.65%
1 Year 8.85%
United Bank Base Rate 9.90%

United Bank of India Interest Rates

United Bank of India Interest Rates
Home Loan Interest Rates 8.65% * Floating Detail
Loan Against Property Rates 10.75% * Floating Detail
Car Loan Interest Rates 9.10% to 9.15% Detail
Business Loan Interest Rates 13.00% to 13.00% Detail
Fixed Deposit Interest Rates 4.00% to 6.25% 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 14 Sep 2018 are:

  • Overnight MCLR Rate is 8.15%. The rate was last revised on 14 Sep 2018 to 8.15% from 8.10%
  • 1 Month MCLR Rate is 8.40%. The rate was last revised on 14 Sep 2018 to 8.40% from 8.35%
  • 3 Month MCLR Rate is 8.55%. The rate was last revised on 14 Sep 2018 to 8.55% from 8.50%
  • 6 Month MCLR Rate is 8.65%. The rate was last revised on 14 Sep 2018 to 8.65% from 8.60%
  • 1 Year MCLR Rate is 8.85%. The rate was last revised on 14 Sep 2018 to 8.85% from 8.80%

United Bank of India MCLR Rate Trend

Date United Bank of India MCLR
14th Sep 18
Overnight : 8.15%
1 Month : 8.40%
3 Month : 8.55%
6 Month : 8.65%
1 Year : 8.85%
05th Jul 18
Overnight : 8.10%
1 Month : 8.35%
3 Month : 8.50%
6 Month : 8.60%
1 Year : 8.80%
14th May 18
Overnight : 8.00%
1 Month : 8.25%
3 Month : 8.40%
6 Month : 8.50%
1 Year : 8.70%
11th Apr 18
Overnight : 8.00%
1 Month : 8.10%
3 Month : 8.30%
6 Month : 8.50%
1 Year : 8.70%
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%
30th Nov -1
Overnight : 8.00%
1 Month : 8.25%
3 Month : 8.40%
6 Month : 8.50%
1 Year : 8.70%
  • 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 8.15% to 8.85%.
  • 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. United Bank of India home loan rate is benchmarked to 6 Month MCLR Base Rate which will be repriced after 6 Month. Say, you take a loan from United Bank at current 6 Month MCLR rate of 8.65% plus spread of 20 bps. So, the loan will initially be priced at 8.85%. Its next re-pricing will be done after 6 Month from now. If the 3 Month MCLR rate after 6 Month increases by 10 bps, the loan will be priced at 8.95% for the next period.

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 - Dec 2018
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