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Union Bank of India has slashed the interest rate on vehicle loans to 10.95 per cent (0-7 years) with immediate effect.
Earlier, the interest rates were: 12.50 per cent (0-3 years) and 13.50 per cent (3-5 years).
The public sector bank has extended its ‘Independence Day to Republic Day Festive Offer’ to vehicle loans by waiving processing fees during this period.
Home loan
As part of the festive offer, the bank is offering floating interest rate home loans at 10.50 per cent for loans up to Rs 30 lakh; 10.75 per cent for loans of Rs 30-75 lakh; and 11 per cent for loans between Rs 75 lakh and Rs 5 crore. It is not charging any processing fees on home loans under the offer.
D. Sarkar, Chairman and Managing Director, Union Bank of India, said the reduction in interest rates and the festival offer will boost the bank’s retail portfolio.
At Rs 16,769 crore, the bank’s retail portfolio, which includes home and vehicle loans, accounted for 10.27 per cent of the total domestic advances of Rs 1,63,229 crore as at June-end 2012.
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