Public sector lender, Union Bank of India has lowered interest rates on education and home loans above Rs 30 Lakh by 25 basis points and also providing home loans up to Rs 75 lakh at the base rate. However, Union Bank has kept its base rate unchanged at 10.75%.
Earlier in August, the bank has reduced the interest rates on home loans up to Rs 30 lakh and was giving it on base rate. Presently, the bank is offering loans up to Rs 75 lakh at the base rate. For loans above Rs 75 lakh and up to RS 5 crore, the interest rate charged is 10.75%.
The mumbai based public sector, Union bank also said that there won't be any processing fees on these loans.
It also announced the reduction in interest rates by 150-200 basis points on education loans. The current rate on education loan is 12.75% for loans up to Rs 7.5 lakh and 12.5% for loans above Rs 7.5 lakh.
The bank also announced discount of 50 basis points for female students over the interest charged.