State-run lenders Bank of Baroda (BoB) and Union Bank of India (UBI) have announced cut in their marginal cost of funds-based lending rates (MCLR) across all tenors.

While the Bank of Baroda’s MCLR cut of 15 basis points (bps) is effective from tomorrow, the 10 bps revision in Union Bank of India’s rates will come into force from today. Bank of Baroda has revised its one-year MCLR to 7.65 per cent from 7.80 per cent. Its six-month MCLR has been revised downwards to 7.50 per cent from 7.65 per cent earlier.

Union Bank of India has reduced its one-year MCLR to 7.60 per cent from 7.70 per cent. The six months MCLR of UBI has been cut to 7.45 per cent.

Country’s largest lender State Bank of India (SBI) has reduced its MCLR by 25 basis points across all tenors from yesterday.

While private sector lender HDFC Bank has cut its MCLRs by 5 bps, state-run Bank of Maharashtra has reduced it by 20 basis points from June 8.