After the review, the bank‘s lending rates are between 7.00 and 8.10%.
Union Bank of India has increased the marginal cost of funds based lending rate (MCLR) from 0.05% to 0.35% across all tenors. As a result, the equivalent monthly installments (EMI) will become costly for those who benefit from loans compared to the MCLR.
After the review, the bank’s lending rates are between 7.00 and 8.10%.
|Mandate||Previous loan rates||Revised loan rates|
As mentioned, EMIs will be expensive for those who take out loans against the MCLR.
Reserve Bank of India standards require banks to revise their lending rates every month based on the marginal cost of funds.
As a result, new and existing borrowers are witnessing an increase in interest rates on their loans.
First post: STI