look news india
UCO Bank MCLR Hike: Government bank UCO Bank has given a big shock to its customers. The bank has increased its MCLR i.e. Marginal Cost of Fund Based Rates from June 10. The bank has increased the MCLR by 5 basis points i.e. 0.05%. This increase has been done for a period of 3 months and 1 year. Now the maximum lending rate from the bank has become 8.90%.
How much has the interest rate increased?
The bank has not made any change in the loan rates for overnight and one month period. Loan rates for overnight and one month period remain stable at 8.10% and 8.30% respectively. At the same time, MCLR for three-month period has increased by 5 basis points and it has become 8.50%. There is no change in MCLR for 6-month period and it remains at 8.70%. Loan rates for 1 year period have been increased from 8.85% to 8.90%.
When will the new interest rates be implemented?
These new interest rates will be applicable from June 10, 2024. Let us tell you that earlier government banks Indian Bank and Punjab National Bank (PNB) have also increased their Marginal Cost of Funds Based Lending Rates (MCLR). The bank has changed the MCLR rates for a period of 3 months to 3 years. The new rates have become effective from June 1, 2024. At the same time, Indian Bank has increased the marginal cost lending rates by 5 basis points.
