Union Bank, PNB reduced the rates of auto loans to home
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Mumbai: Union Bank of India on Saturday, reducing its interest rates on auto loans and home to 100 and 150 basis points, while another state-run lender Punjab National Bank (PNB) reduced rates on auto loans by 50 basis points.
Reducing the largest followed by the public sector bank SBI cut interest rates on the last Saturday of 10% and agricultural credit at 8%. UBI said that its new home loan rates will be available in the range of 9.75-10.75% interest rate, while rates on new auto loans are in the range of 11-11.25%. GNP, the country's second largest lender run by the state, offer new auto loans at an interest rate of 10.5-11%, it said in a statement.
Mumbai-based UBI has also launched a separate system, under which it will offer home loans at Rs 20 lakh at interest rates lower.
The scheme also includes special features such as free life insurance cover and will be available free of prepayment and processing charges, the bank said. Under the scheme, loans up to Rs 5 lakh will bear an interest rate of 8.5%, while Rs 5.20 lakh, the new rate is 9.25%, UBI said. The scheme will be valid until June 30 and the rate reset after a period of five years, the bank said. AGENCIES
Export sops only for the European Union, United States: Govt
The government has announced that the incentives under a Rs 325-crore package for leather and textile exports are only available on shipments to the United States and Europe and was limited to six months of 1 April. The government has announced multi-crore package Thursday to support exporters hit by falling demand from the United States and Europe, pending a decision on the recipients.
Cos ATF reduce oil prices by 7%
State-run reduced fuel retailers, Saturday from ATF or jet fuel by a rate of 7%, making it the reduction since September 11 last year. Aviation turbine fuel (ATF) in Delhi, prices have been reduced by Rs 2052 to Rs 27.106 kiloliter per kl, effective midnight on Saturday, an official of the Indian Oil Corporation, the largest fuel distributor, said. AGENCIES
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