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Big relief for customers; These banks reduce Loan interest rate

The new rates of the bank are being implemented from today. In this order, three banks, Government Bank, Union Bank of India, UCO Bank and Indian Overseas Bank, have given big surprises to their customers.

Yogita S.

Yogita S.By Yogita S.

Published on 11 Sep 2020 5:18 AM GMT

Big relief for customers; These banks reduce Loan interest rate
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Big relief for customers; These banks reduce Loan interest rate
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New Delhi: The new rates of the bank are being implemented from today. In this order, three banks, Government Bank, Union Bank of India, UCO Bank and Indian Overseas Bank, have given big surprises to their customers. This is going to provide relief to customers.

Cut in Loan interest rate:

Union Bank of India has cut the principal loan interest rate (MCLR) by 0.05 per cent. The new rates come into effect from Friday 11 September.

Accordingly, the bank has reduced MCLR from 7.25 per cent to 7.20 per cent on loans with a tenure of one year. Similarly, after deduction on loans of one day and one month, the interest rate is 6.75 percent. Another state-owned bank, Indian Overseas Bank, has also reduced the MCLR by 0.10 per cent.

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The bank has reduced the interest rate on loans with a tenure of one year from 7.65 per cent to 7.55 per cent. UCO Bank has reduced interest rates in MCLR to 0.05 per cent.

The bank said in a statement that after this the rates on the loan for one year have come down from 7.40 per cent to 7.35 per cent. This deduction will be equally applicable to all other term loans.

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Apart from this, the bank has also provided doorstapping service. Senior citizens and Divyang will be benefited by this. Now this service is for everyone. They can be used by public sector bank customers through web portals, mobile apps and call centers.

These services will be delivered to people through agents from around 100 centers across the country. These services of Doorstep Banking will start from next month i.e. October. Customers of public sector banks will also have to pay a small fee for doorstep service.

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Yogita S.

Yogita S.

Media Graduate, News Editor and PR Enthusiast.

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