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Thiruvananthapuram, Aug. 21

Union Bank of India has announced cuts in rates for new home and car loans only for August and September in Kerala to coincide with the Onam festival season. The interest rate on home loans has been reduced by one per cent, according to Mr R.S. Reddy, Executive Director. The prevailing rates are 9.25 per cent for loans up to five years; 9.50 per cent for 10 years; and 9.75 per cent for above 10 years.

The bank has also reduced interest rate on car loans by half percent during the festival season. The offer is applicable only in the 147 branches across the State, Mr Reddy said. - Our Bureau

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