Money & Banking

Union Bank links loans to repo rate

Our Bureau Mumbai | Updated on August 23, 2019 Published on August 23, 2019

Union Bank of India, on Friday, announced the introduction of repo-linked lending rate (RLLR) for new home loan and vehicle loan borrowers to provide better interest rate transmission to customers. With the repo-linkage, home loans of ₹30 lakh to ₹75 lakh will now be available at an interest rate of 8.25 per cent for borrowers with good credit score, the public sector bank said in a statement. Thus, home loan linked to the repo rate provides 35 basis points benefit over the existing home loan product, it added. Also, with repo linkage, vehicle loans will now be available at an interest rate of 8.60 per cent to borrowers with good credit score. Thus, the vehicle loan linked to the repo rate is 40 bps cheaper than the existing rate, the bank said. Our Bureau

Published on August 23, 2019
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