United Bank, Andhra Bank cut MCLR, to be effective from 16th September

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Mumbai: Two public sector banks Andhra Bank and United Bank of India on Friday announced revision of their Marginal Cost of Funds based Lending Rates (MCLR) to be effective from 16th of September.

United Bank of India

United Bank of India has reduced its 1 year and 6 month MCLR by 10 basis points (bps) to 8.45% and 8.35% respectively. 3 month MCLR has also been reduced by 5 bps to 8.25%.

Andhra Bank

Andhra Bank, meanwhile, has reduced MCLR by 5 bps across all tenures. While overnight MCLR has been reduced to 7.90%, One month MCLR has been reduced to 7.95%, Six month to 8.30% , One year MCLR reduced to 7.40%. The Bank has reduced its base rate to 9.45% from 9.50% earlier. It has also reduced its BMPLR to 13.85% from 13.90% earlier.

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