Money & Banking

Union Bank of India cuts EBLR by 25 bps to 8%

Our Bureau Mumbai | Updated on October 11, 2019 Published on October 11, 2019

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.

Published on October 11, 2019
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