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United Bank cuts interest rates on loans above Rs.1 crore

Posted on Sep 11, 07:20PM | IANS

United Bank of India has reduced interest rates by 0.75 percent to 2.75 percent on medium and small loans above Rs.1 crore with effect from Sep 10, the public sector lender said Tuesday.

The Kolkata-based bank had earlier reduced the interest rates for small loan segment having credit facility below Rs.1 crore by 0.50 percent to 4 percent with effect from August 15, 2012.

All its existing and new customers availing credit facilities from the bank would be benefited with the initiative, the bank said in a release here.

The bank said it has achieved 66.19 percent of lending to micro sector as against the target of 60 percent of total lending under the small and medium enterprises sector.