To provide relief to individual, small and medium borrowers in line with benefit of 75 bps repo rate reduction by RBI, Union Bank of India today in its ALCO meeting reduced its External Benchmark Based lending rate (EBLR) to 7.20%. EBLR of 7.20% will be applicable for all floating rate personal or retail loans (housing, auto, etc.) and floating rate loans to Micro, Small and Medium Enterprises to the customers of Union Bank of India from 01.04.2020 onwards.
The above reduction in rate shall also be applicable to the customers of Andhra Bank and Corporation Bank which shall become part of Union Bank of India w.e.f. 01.04.2020. Customers who have availed loans under External Benchmark based schemes of these two banks shall automatically get benefit of reduction of interest rate w.e.f. 01.04.2020.