Public sector bank United Bank of India has increased the MCLR (marginal cost of funds based lending rate) by 5 basis points or 0.05% across various tenors. As per the latest reports, the Asset Liability Management Committee at United Bank of India has hiked the MCLR for various tenors and this will be effective from the 14th of September, 2018.
The 1-year MCLR has been hiked to 8.85% from 8.80% previously and the 6-month MCLR is now 8.65%. The 3-month MCLR is 8.55%. 1-month rates are 8.40% while overnight rates are 8.15%. SBI (State Bank of India) has already hiked its lending rates by 0.20% or 20 basis points earlier this month itself across tenors going up to 3 years.
Even ICICI Bank has confirmed a hike in the 1-year MCLR to 8.55% which is an increase of 0.15%. Bank of Baroda has also hiked the MCLR by 0.05% for various tenors.