Union Bank cuts vehicle loan rates

Earlier,the rates offered by the Union Bank were 12.5 per cent for 0-3 years and 13.5 per cent for 3-5 years,a release said here.

The bank has also extended its 8216;The Independence to Republic Day Festive Offer8217; on vehicle loans by waiving processing fees during this period.

8220;The reduction in interest rates and the festival offer will boost the bank8217;s retail portfolio,8221; Chairman and Managing Director of Union Bank D Sarkar said.

Earlier,Union Bank had reduced home loan rates to 10.5 per cent besides waiving 0.5 per cent processing fee on loan amount.

SBI recently reduced home loan rates to 10.25 per cent from 10.5 per cent for loans up to Rs 30 lakh and 10.4 per cent for loans between Rs 30 lakh and Rs 75 lakh.

Similarly,the country8217;s largest lender has reduced car loan rates to 10.75 per cent from 11.25 per cent earlier.

While IOB has reduced home loan rate to 10.5 per cent along with 0.5 per cent reduction in auto loan rates,the Central Bank of India has announced cut in interest on home loans by 25-50 basis point for the amount in Rs 30-35 lakh range with effective from September 1.