State-owned UCO Bank on Friday announced reduction in its marginal cost of funds-based lending rates (MCLR) by 10 basis points across all the tenors.
The revised lending rates will be effective from August 10.
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"As a result, all MCLR linked loans will become cheaper now," the lender said in a statement.
The revised one-year MCLR stands at 7.40% as against 7.50% earlier, the bank said.
The three-month and six-month MCLRs have been cut to 7.05% and 7.30%, respectively.