Comments
Union Bank of India on Friday reduced the External Benchmark Lending Rate (EBLR) by 25 basis points (bps) to 8 per cent on the back of the recent 25 bps cut in the Repo Rate by the Reserve Bank of India. “Effective rates for various schemes will be at EBLR+ Premium/Discount for the product.
"Thus, Interest rates on Home Loans and Auto Loans are now at 8.2 per cent and 8.6 per cent respectively,” the public sector bank said in a statement.
The Bank has introduced EBLR for all new floating rate loans to Retail and Micro & Small Enterprises segment, in line with RBI guidelines. With effect from October 1, 2019, all new floating rate loans to these segments are linked to RBI Policy Repo Rate, the bank said.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.