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UBI slashes margil cost of funds based on landing rate

Sentinel Digital DeskBy : Sentinel Digital Desk

  |  4 Nov 2017 12:00 AM GMT

Guwahati, Nov 3: To provide fincial comfort to valued customers, United Bank of India has slashed Margil Cost of Funds based Lending Rate (MCLR) by 10 to 30 basis points. The new rate wilt be effective from November 6.

According to the revised tenor based MCLR of the Bank, with the reduction of MCLR, Home Loan, Car Loan and other Loans & advances linked to MCLR would become cheaper. Housing Loan will be priced at 8.45% as against existing rate of 8.55% making the product cheaper by 0.10%. The rate of interest for Housing Loan will be applicable for all categories of customers and, irrespective of the quantum of the Loan.

Following MCLR cut the revised Rate of Interest of Car Loan will be 8.85% as against the existing rate of 9.00% reflecting a slash of 15 basis points in the product pricing. As a part of Festive Season Offer, the Bank has also waived Processing Fee on Housing Loan, Car Loan and Two Wheeler Loan by 100% and on Mortgage Loan, Perso) Loan and Gold Loan by 50 % till 31 December, 2017. This was stated in a press release.

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