Union Bank cuts new home, car loan rates

NEW DELHI - Public sector lender Union Bank of India has lowered interest rates on new home loans by 25 to 100 basis points and car loans by 125 to 150 basis points.

The new rates would be effective from Sunday, the bank said in a statement Saturday.

‘Car loans of up to three years would now be charged at 11 percent compared to the previous 12.25 percent, whereas for loans for three to five years, the rate will be 11.25 percent against 12.25 percent earlier,’ said the statement.