UCO Bank’s RLLR or Repo-Based Lending Rate Reduced by 40 bps

UCO Bank’s RLLR or Repo-Based Lending Rate Reduced by 40 bps

UCO Bank, a state-run bank, on Friday, said that it has reduced its lending rate, which is linked to the RBI’s repo rate (RR) by 40 basis points (bps).

The bank said in its statement that it has slashed the repo based lending rate (RLLR) or UCO Float by 0.40%. The new rate stands at 6.90% from 7.30%. The revised rates are effective from 27.05.2020.

This rate cut will make loans much cheaper for the retail and MSME borrowers of the bank.

The RLLR cut comes after RBI’s announcement of last week to reduce the repo rate by 40 bps to 4% from 4.40%.

Earlier in the day, Bank of India, another public sector bank, announced a 40 bps cut in its external benchmark lending rate or EBLR, which is linked to RBI’s RR from 01.06.2020.

The bank’s new EBLR is revised to 6.85% per annum.

Bank of India also said that it has reduced its marginal cost of fund based lending rate (MCLR) by 25 bps across all tenure.

Share This:
Category: #mmm news