Union Bank of India has announced festival cuts in rates for new home and car loans only in Kerala to coincide with the Onam festival season.
The interest rate on home loans has been reduced by one per cent, according to R.S. Reddy, Executive Director. The prevailing rates are 9.25 per cent for loans up to five years; 9.50 per cent for 10 years; and 9.75 per cent for above 10 years.
Union Bank of India has also reduced interest rate on car loans by half per cent during the festival season. The offer is available in August and September only.