UCO cuts MCLR by 10 basis points across tenors

UCO Bank has lowered its Marginal Cost of Funds Based Lending Rates (MCLR) by 10 basis points across tenors with effect from Tuesday. The revised one-year MCLR now stands at 8.30 per cent, down from the existing 8.40 per cent, the state-run lender said in a release.

The revised overnight, one-month, three-month and six month tenor MCLR have been slashed by 10 basis points, it said. This will lead to all MCLR-linked loans becoming cheaper by way of similar reductions, UCO Bank said..