Union Bank Cuts Vehicle Loan Rate to 10.95%

Union Bank of India has slashed the interest rate on vehicle loans to 10.95 per cent (0–7 years) with immediate effect.

Earlier, the interest rates were: 12.50 per cent (0–3 years) and 13.50 per cent (3–5 years).

The public sector bank has extended its ‘Independence Day to Republic Day Festive Offer’ to vehicle loans by waiving processing fees during this period.

As part of the festive offer, the bank is offering floating interest rate home loans at 10.50 per cent for loans up to Rs 30 lakh; 10.75 per cent for loans of Rs 30–75 lakh; and 11 per cent for loans between Rs 75 lakh and Rs 5 crore. It is not charging any processing fees on home loans under the offer.