Home / BANKING/FINANCE / UNION BANK OF INDIA INTRODUCES EXTERNAL BENCHMARK (REPO) LINKED PERSONAL/RETAIL AND MSE LOANS

UNION BANK OF INDIA INTRODUCES EXTERNAL BENCHMARK (REPO) LINKED PERSONAL/RETAIL AND MSE LOANS

by Suman Gupta

Mumbai – 2019: In order to provide better interest rate transmission, Union Bank of India introduces External Benchmark Lending Rate (EBLR) based lending rates for all new floating rate loans to Retail and Micro & Small Enterprises segment, in line with RBI guidelines. With effect from 01.10.2019, all new floating rate loans to these segments will be linked to RBI Policy Repo Rate. Union Bank of India has fixed the External Benchmark Lending Rate (EBLR) at 8.25% as on 01st Oct 2019. Effective rates for various schemes shall be at EBLR+ Premium for the product. With EBLR linked to RBI Policy Repo Rate, any change in the Policy Repo Rate by the Central Bank would automatically be passed on to the customer.

Union Bank of India has also reduced the MCLR by 5 bps across all tenors from 01.10.2019.

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