HomeBusinessUnion Bank Of India MCLR Hikes Marginal Cost Lending Rates Rates From...

Union Bank Of India MCLR Hikes Marginal Cost Lending Rates Rates From 11 October 2022

Union Bank of India MCLR Hike: The festive season has started in India. Today the festival of Karwa Chauth is being celebrated across the country. In the next few days, the festival of Dhanteras (Dhanteras 2022), Diwali (Diwali 2022) and Bhai Dooj (Bhai Dooj 2022) will be celebrated. Diwali I invest heavily in car, property. In such a situation, if you are dreaming of getting a house or a car, then you can get a big setback. Union Bank of India, a major public sector bank of the country, has decided to increase the Marginal Cost of Lending Rates (Union Bank MCLR Hike), giving a shock to its customers. According to the information given on the official website of the bank, the new MCLR is applicable from 11 October 2022 to 10 November 2022.

Know the new rates of MCLR-
Union Bank of India has increased the MCLR rate for its 1-year period. After this, the burden of EMI of all types of loans like home loan, personal loan, auto loan etc. will increase on the customers. Let us know how much MCLR is there for different periods of the bank-

Overnight MCLR-7.15%
1 Month MCLR-7.30%
3 Months MCLR-7.50%
6 Months MCLR-7.70%
1 year MCLR-7.90%
2 year MCLR-8.10%
2 year MCLR-8.25%

Bank of Baroda also increased MCLR rates
Apart from Union Bank, another big public sector bank i.e. Bank of Baroda has also changed its MCLR based lending rate. In this, the bank has increased by 10 to 15 basis points. The overnight MCLR of the bank has reached 7.10%. At the same time, the 1-month MCLR has reached 7.60%, 3-month MCLR rate is 7.65%, 6-month MCLR is 7.80% and 1-year MCLR has reached 7.95%. It is worth noting that in the review meeting held on September 30, the Reserve Bank has decided to increase the repo rate for the fourth time in a row.

Now it has reached 5.90%. The rising repo rate is directly affecting the bank’s EMI. In the recent past, many banks have increased their EMIs. Along with this, banks are also continuously increasing their deposit rates such as FD rates, savings account interest rates.

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