SME Times News Bureau | 30 May, 2020
Union Bank of India on Saturday announced reduction in External
Benchmark Lending Rate (EBLR) by 40 bps to 6.80 per cent taking into
consideration the recent change in Repo Rate by RBI.
The revised
rates will be applicable from June 1, 2020. Effective rates for various
schemes will be at EBLR+ Premium/Discount for the product.
Union
Bank of India had introduced EBLR based lending rates for all new
floating rate loans to Retail and Micro & Small Enterprises segment,
in line with RBI guidelines.
So, from October 1, 2019, all new
floating rate loans to these segments have been linked to RBI Policy
Repo Rate. Medium Enterprises are also linked to RBI policy Rate with
effect from April 1.
