The Kolkata headquartered UCO Bank has reduced its interest rates on retail loans and priority sector loans by 25 to 150 basis points.

In the retail segment, the products in which the reduced rates will be applicable are home loans, car loans and education loans. The new rates on home loans are 10.50 percent, a reduction of 25 basis points. Similarly, the interest on car loans has been reduced to 10.75 percent, which have been slashed by 50 basis points from the existing rate. Education loans will now be offered on 12.75 percent, after a reduction of 150 basis points on the existing rate.

For loans provided to MSME and agricultural sectors, the bank has slashed its interest rates by 25 to 150 basis points on advances of more than a crore.

The bank issued a statement to this effect which said that the new rates will become applicable to new loans with immediate effect.