Kolkata, Aug 7 (PTI) State-owned UCO Bank on Friday announced reduction in its marginal cost of funds-based lending rates (MCLR) by 10 basis points across all the tenors.

The revised lending rates will be effective from August 10.

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"As a result, all MCLR linked loans will become cheaper now," the lender said in a statement.

The revised one-year MCLR stands at 7.40 per cent as against 7.50 per cent earlier, the bank said.

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The three-month and six-month MCLRs have been cut to 7.05 per cent and 7.30 per cent, respectively.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)