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United Bank of India has also announced the reduction in its benchmark lending rate by up to 0.90 percent, joining other such as ICICI Bank, State Bank of India, HDFC Bank and Punjab National Bank.
The asset liability committee of the bank has revised downwards the marginal cost of funds-based lending rate (MCLR) by 0.60-0.90 percent across different tenures with effect from January 6.
The bank has said in a BSE filing that the rate for 1-year tenure has been reduced by 0.60 percent to 8.8 percent.
The 1-month lending rate has been reduced by 0.90 percent to 0.90 percent.
On account of reduction in the benchmark rate, home, car and other loans linked to MCLR will also get cheaper.
