New Delhi: If you are thinking of taking a home loan and auto loan then Union Bank has brought great news for you. This public bank has cut its interest rates. From next Monday, you can take advantage of this low-interest loan.
New rates will be applicable from July 11
Public sector Union Bank of India on Friday announced a 0.20 per cent reduction in the marginal cost money-based lending rate (MCLR) for various periods. The new rates will be applicable from July 11.
The bank said in a release that the revised one-year MCLR will be 7.40 per cent instead of 7.60 per cent. The three-month and six-month MCLR has been reduced to 7.10 per cent and 7.25 per cent, respectively. The rate has been cut by the bank 13 consecutive times since July last year.
Earlier, the country’s largest bank SBI on Friday reduced the MCLR by 0.05 to 0.10 per cent for a short period. Indian Overseas Bank (IOB), another public sector bank, has cut the MCLR by 0.25 per cent for all periods.
Earlier this week, Canara Bank and Bank of Maharashtra also cut MCLR.