HOME > BUSINESS > United Bank of India cuts benchmark interest rates by 5 bps

United Bank of India cuts benchmark interest rates by 5 bps

ubiUnited Bank of India has cut its benchmark interest rate by 5 basis points across all tenures.

With this, the marginal cost of funds-based lending rate for one year loan has been cut to 9.4%.

The MCLR for one month is 9.25%. The new rate will be applicable to all new loans of the bank with effect from 17th Oct.

MCLR is the new benchmark lending rate at which banks will now lend to new borrowers.

Till 31 March 2016, banks used the base rate as the benchmark rate to lend. The new rate is calculated based on four components— marginal cost of funds, negative carry on account of cash reserve ratio (CRR), operating costs and tenor premium.

Follow ULTRA.news
Moody’s to train SBI employees to appraise loan applicants State Bank of India, the country's largest bank, said Moody’s Analytics will train its employees to source, appraise and monitor loans.SBI employees will be granted the Moody’s Analytics Certificate in Commercial Credit (CICC) as part of the program.The program has been...
Bank of Baroda slashes lending rates by 35 bps Bank of Baroda, one of the largest banks in India, has slashed the base rate and benchmark prime lending rates in keeping with the decline in inflation and loan demand.The company slashed the base rate to 9.15% from 9.5% with effect from Oct 1.Base rate is the minimum ra...
SBI waives processing fee on car loans till Dec State Bank of India, India's largest commercial bank, has waived processing charges on car loans till the end of the year, while halving the charge on some personal loans till Sep 30.The bank did not specify the new rates.It already has zero processing fees when someone t...
Expecting waivers, farmers stop paying back bank loans? The write-off of farm loans in Uttar Pradesh and Maharashtra seems to be encouraging farmers in other states to stop paying back their farm loans to make sure that they will get the benefits of any farm loan waiver program in their state. This has led to a sharp increase in farm ...
SBI cuts interest rates on bigger home loans State Bank of India, the largest Home Loan Provider in India has reduced interest rates of high value home loans.Home Loans above Rs. 75 lakhs will now be cheaper by one-tenth of a percentage from 15 June, 2017.The revised interest rates will be 8.55% p.a. for salari...
US Fed unlikely to reverse quantitative easing this year: HDFC Securities US Federal Reserve BuildingBroking and financial firm HDFC Securities Ltd said it does not expect the US Federal Reserve to start sucking out the liquidity that it has infused into the global financial market in the last nine years any time soon.The comments came in the ...
SBI’s new minimum balance rule leaves OBC, UCO and PSB as only ‘free’ banks in Ind... SBI Chairman Arundhati BhattacharyaWith the country's largest bank, State Bank of India, refusing to rollback service charges for customers who do not maintain a minimum balance in their accounts, only Oriental Bank of Commerce, UCO Bank and Punjab & Sind Bank remain as ...
PNB, Corp Bank most aggressive in going after big debtors; SBI, BoB more relaxed Punjab National Bank, the third largest public sector bank in India, and smaller cousin Corporation Bank can teach bigger siblings like State Bank of India and Bank of Baroda a thing or two about going after big loan defaulters, an analysis of Reserve Bank of India data shows. ...
CASH SWAP: Axis Bank cuts interest rates by 0.15 percentage point Axis Bank, one of India's top two private banks, has cut its lending rates by 0.15 percentage points in the wake of the ongoing currency exchange program.With this, the bank's 'marginal cost-based lending rate' has been reduced to 9.05% for one year and 9.15% for three years....
United Bank to raise up to Rs 300 cr from LIC United Bank of India said it is allotting equity worth up to Rs 300 cr to Life Insurance Corporation of India.United Bank of India is an Indian government-owned financial services company headquartered in Kolkata, West Bengal, India.Life Insurance Corporation of India is ...
US Federal Reserve likely to raise interest rate in December: Angel Broking Angel Broking said it believes that the US Federal Reserve is likely to raise policy interest rates starting from December this year.The broking house was responding to the latest move by the US central bank to keep rates steady at its last policy decision before next week’s ...
US Govt agency to help disburse loans to Indian SMEs RBL Bank and NeoGrowth Credit Pvt will provide loans to small and medium enterprises in the Indian retail segment that are excluded from mainstream funding and financing with the help of a US government agency.The funding will be backed by the Overseas Private Investment ...
Repco Home Finance raises Rs 100 cr by private placement Repco Home Finance Ltd said it raised Rs 100 crore through private placement by allotting 1,000 non-convertible debentures.The face value of the secured redeemable non-convertible debentures are Rs 10 lakh each.Repco Home Finance Ltd (RHFL) is a housing finance company he...
Bank of India hikes base rate by 5 basis points Bank of India said it had revised its base rate from 9.70% to 9.65 %.The revised rate will be in effect from Friday.Base rate is the minimum interest rate that the bank charges. It is not allowed to issue loans below this rate to any of its customers.Bank of India is ...
Public Sector Banks need autonomy, mergers will be of limited use – Assocham Asserting there are no quick fixes for grave problems facing the public sector banks, mainly centered around close to Rs 5 lakh crore non-performing assets, ASSOCHAM President Mr Sunil Kanoria today said a paper brought out by the chamber clearly suggests mergers or consolidation...
Reliance Industries unit takes $330 mln overseas loan Reliance Industries said its subsidiary Reliance Sibur Elastomers Pvt Ltd. has agreed to take a loan of $330 million, roughly equal to Rs 2193 crore, from overseas lenders."The Facility with door to door tenor of 10 years shall be utilized to part finance the Capital expendit...
Tata Homes, SBI make special home purchase offer to govt officials Tata Homes and SBI signed an agreement under which the two companies will make special offers to people who hold their salary accounts in the bank and want to purchase a Tata Homes property with an SBI loan.The nature of these offers was not revealed, but it is estimated that...
Need Cash Fast? Federal Bank offers loan disbursement in just 1 minute Kerala-based privately owned Federal Bank said it has started a one-minute loan facility called Digital Personal Loans."Customers can log into Bank’s website (www.federalbank.co.in) and avail personal loans in a minute. Upon the acceptance of the offer by the customer, the l...
Axis Bank cuts interest rates on loans by 5 bps Axis bank has cut its loan interest rate by 5 basis points across all tenures.With this, the marginal cost of funds-based lending rate for three year loans has been cut to 9.4% and that for 1 year loan, has been cut to 9.25%.The MCLR for one month is 8.90%. The new rate w...
The RBI decision as expected, Rajan delivered what he promised: industry The RBI's decision to maintain the policy rates was in expected lines said Smt. Arundhati Bhattacharya, SBI chairman. Appreciating the move by RBI to go into Open Market Operation (OMO) she added that transmission of rates will happen gradually over the next few months as credit ...
SBI offers discount on home loan EMIs for government servants State Bank of India, the public sector bank, announced a new scheme under which government and defence employees can get several concessions on home loans including a slower interest rate.Under the scheme, government employees will get an interest rate concession of 5 basis p...
Ola ties up with Neev to provide education loans for families of drivers Cab aggregator Ola has partnered with a finance company to provide education loans for the children of its driver partners, the company said.The loan comes with easier interest rates and is applicable for children pursuing education from Std 1 to Std 12."This first of its...
Axis Bank cuts interest rate on loans under the MCLR regime Axis Bank, India's third largest Private Sector bank reduced its lending rate by 15 bps across all tenors."This follows the reduction in Policy rates by RBI on April 5, 2016. The reduced MCLRs will take effect starting April 18thm" the bank said.With this, Axis Bank's ma...
Govt to spend Rs 6,500 cr of surplus cash to buy back bonds The government of India has decided to utilize Rs 6,500 cr of surplus cash to buy back bonds that it issued recently.The bonds carry 1.44% interest over and above the wholesale inflation index rate and were due to repurchase only in the year 2023.The government of India h...
Axis Bank cuts base interest rate by 0.35 percentage points to 9.5% Following a steep 0.5 percentage point cut in policy rates by the Reserve Bank of India, Axis Bank -- one of India's largest lenders -- has cut its base interest rate to 9.50% from 9.85%.This will mean lower EMIs for hundreds of thousands of its floating loan customers.Th...