New Delhi: Union Bank of India has taken a relief step for the middle-class tomorrow i.e. on Saturday. The bank has made the loan cheaper. Which will give relief in interest payment. The bank said in a statement that the one-year MCLR to which all loan rates are linked has been reduced from 8.50 per cent to 8.35 per cent. The MCLR has been reduced from 8.10 per cent to 7.95 per cent for overnight tenure and from 8 per cent to 8 per cent for one month tenure.

At the same time, the three-month and six-month MCLR has been 8.10 percent and 8.20 percent respectively. The bank has cut the rate for the third time since June. Earlier this month, the bank also introduced a repo linked lending rate (RLLR) for new home loans and auto loans. The bank is offering 8.25 percent interest rate on repo linked home loans ranging from 30 lakh to 75 lakh rupees. All auto loans linked to repo rate are being given to borrowers at 8.60 percent. The move is expected to help increase demand in the market. Which will eventually support the vehicle and housing industry. Both these industries have been affected the most by the recession.

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