3 government banks cheaper interest rates, it will be easier for customers to take a loan

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New Delhi, The Union Bank of India has cut its marginal cost-based interest rate (MCLR) by 0.15 percent on various term loans. The new rate will take effect on August 11.

The Union Bank of India:

The Union Bank of India has reduced its one-year MCLR from 7.40 percent to 7.25 percent. For a one-day loan, the MCLR will be 6.80 percent, while for a three-month and six-month loan, the MCLR will be 6.95 percent and 7.10 percent, respectively. This is the 14th consecutive time the standard rate has been reduced since July 2019.

Indian Overseas Bank:

IOB (Indian Overseas Bank), another public sector bank, has also reduced MCLR by 0.10 percent for all term loans. The IOB said in a statement to the stock market last week that the bank had reduced the MCLR from 7.75 percent to 7.65 percent for the year. The new rate is effective August 10, today.

Bank of Maharashtra:

Public Sector Bank of Maharashtra (BOM) has cut its marginal cost-based interest rate (MCLR) by 0.20 percent for selected maturities. The bank, based in Pune, has reduced its MCLR for the fifth time in a row. The one-year MCLR has been reduced from 0.10 percent to 7.50 percent from 7.40 percent. The day-to-day MCLR has been reduced from seven to 6.40 percent.

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