UCO Bank Announces MCLR Revision: One-Year Rate Set at 9.10% Effective April 10

Kolkata's UCO Bank has declared a change in its Marginal Cost of Funds Based Lending Rate (MCLR), and the one-year rate has been raised to 9.10%. The change will be effective from April 10, 2025. The revision is an attempt by the bank to match lending rates with changing market conditions and cost of funds.

The new rates for other tenors are Overnight MCLR at 8.25%, One Month at 8.45%, Three Months at 8.60%, and Six Months at 8.90%. These changes are likely to affect loan interest rates in different categories, such as home loans and personal loans, which are benchmarked against the MCLR.

UCO Bank changes its MCLR every month to keep customers' rates competitive while keeping RBI regulations in line. The recent hike is a sign of maximizing returns in the face of volatile borrowing rates in the financial market.

The new rates are also designed to balance affordability for borrowers and profitability for the bank, making UCO Bank the go-to institution for lending services in India's competitive banking market.

Source: BlinkX