Union Bank of India hikes Interest Rates
by Hardeep Saini SEOHome loans, car loans, personal loans and consumer loans of Union Bank of India have become costlier as the bank has raised its base rate by 50 basis points to 9 % in line with other lenders.
Base rate is the minimum lending rate of a bank on the basis of which interest rates on other loan products are fixed.
The bank said the revision was in alignment with the present rate scenario and also the increase in cost of funds, Union Bank of India informed the Bombay Stock Exchange.
Accordingly, all kinds of loans from Union Bank of India, including corporate, housing and auto loans, will be dearer by at least 50 basis points (0.5 %) for new borrowers.
Earlier this month, the bank had hiked its interest rates on retail term deposits across various maturities by 75 to 100 basis points.
The benchmark prime lending rate (BPLR) was also hiked by 50 basis points to 13.25 %, leading to increase in EMIs for the existing customers.
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Created on Dec 31st 1969 18:00. Viewed 0 times.
I guess PNB also hiked their interest rate or they have started some good schemes for average person
Dec 28th 2010 10:27