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(04/04/2016 09:58)

UCO Bank lowers lending rates based on marginal cost

Public sector lender UCO Bank said that it has revised lending rates based on marginal cost of funds with effect from April 1.

UCO Bank said in a filing to the Bombay Stock Exchange said that for one-year loan, the interest rate will be 9.55 per cent, while for two years it is going to be 9.65 per cent.

The rate of interest will be 9.40 percent for loan of one-month duration, 9.45 per cent for loans for three months and 9.50 per cent for six months.

RBI had asked banks to price fixed rate loans of up to three years based on marginal cost of funds from April 1.

The lending rate based on marginal cost of funds is lower than base rate in some cases resulting in lower EMIs for borrowers. Most of the banks were deciding lending rates based on their average cost of funds.

Meanwhile, shares of UCO Bank were trading at Rs 40.75 apiece, up 0.12 per cent from the previous close at 9:57 hours on BSE.
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