Union Bank of India cuts lending rates by 75 basis points

By: |
Published: March 30, 2020 8:51:58 PM

The new rate will be applicable for all floating-rate personal or retail loans (such as housing and automobiles) and floating-rate loans to micro, small and medium enterprises, according to an official statement.

union bank, union bank of india, ubi, union bank profitThe rates will also be applicable for customers of Andhra Bank and Corporation Bank which will be merged into Union Bank of India from Wednesday.

State-owned Union Bank of India (UBI) on Monday reduced its lending rates linked to external benchmark by 75 basis points (bps) to 7.20 per cent, in line with the Reserve Bank of India’s (RBI) recent repo rate cut.

The new rate will be applicable for all floating-rate personal or retail loans (such as housing and automobiles) and floating-rate loans to micro, small and medium enterprises, according to an official statement. It will also be applicable for customers of Andhra Bank and Corporation Bank which will be merged into Union Bank of India from Wednesday, it said.

UBI’s asset liability committee took the decision at its meeting on Monday, the statement said. The move comes within three days of a 0.75 per cent cut in the repo rate by the RBI and similar moves by peers, including State Bank of India and Bank of India.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1RBI’s loan moratorium may spell trouble for NBFCs looking for funds, as investors’ trust weakens
2Debt downgrades can push India bank fund raising to $20 billion
3Kotak Mahindra Bank set to raise Rs 7,460 crore through share sale