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Union Bank reduces interest rates on loans

Posted on Dec 01, 10:02AM | IBNS

Union Bank of India reduced interest rates on Home Loans above Rs. 30 lakhs by 25 bps with effect from Nov 29.

According to the revised rates, for loans upto Rs 75 lakhs the rate of interest will be on the base rate of 10.50 percent.

For loans above Rs 75 lakhs to Rs 500 lakhs the rate of interest will be on the base rate of + 0.25 i.e., 10.75 percent

These rates are applicable to both existing and new customers under floating rates.

Fixed rate customers can also avail the new rates by switching over to floating rate.

Also under the Bank's festive offer processing charges are waived. The bank also reduced rates for education loans by 150-200 bps.

According to the loan slab the rate of interest for loans upto Rs 7.5 lakhs is 12.75 percent and for loans above Rs 7.5 lakhs is 12.50 percent.

Female students are eligible for a concession of 0.5 percent over the above rates.

While announcing the rate cut CMD Mr. Sarkar said that the reduction in interest rate will help more people realize their dream as per the Banks Corporate byline "Your dreams are not yours alone".