Union Bank Slashes Home, Car & Personal Loan Rates

Raga News Zone | Business Desk

Union Bank of India has announced a major relief for borrowers by cutting interest rates on home loans, car loans and personal loans. The revised rates came into effect, making borrowing cheaper for both new and existing customers.

According to the bank, the decision has been taken to pass on the benefit of easing interest rates to retail customers and to boost demand in the housing and automobile sectors.

Lower Home Loan Rates
Union Bank has reduced home loan interest rates by around 30 basis points. After the cut, home loan rates now start from about 7.15% per annum, depending on the borrower’s credit profile. This reduction is expected to lower EMIs and provide relief to first-time homebuyers as well as those planning to buy property.

Car Loans Become Cheaper
Vehicle loan rates have also been reduced by nearly 40 basis points. With the new rates starting from around 7.50% per annum, customers planning to buy a new car may see a noticeable reduction in their monthly instalments.

Big Cut in Personal Loan Rates
Personal loans have seen the biggest benefit, with rates cut by up to 160 basis points. The revised personal loan interest rates now start from approximately 8.75% per annum, making personal borrowing more affordable for salaried and self-employed individuals.

Extra Benefit for Green Loans
Union Bank is also offering an additional 0.10% interest rate concession on eligible green home loans and green vehicle loans, encouraging customers to opt for environment-friendly choices.

Union Bank’s latest decision places it among the leading public sector banks offering competitive loan rates, bringing timely relief to customers amid rising living costs.

More updates are on the way—stay tuned with Raga Zone.