In a positive move following the Reserve Bank of India’s (RBI) decision to maintain the repo rate, Union Bank of India, a government-owned bank, has introduced a promising incentive for its customers.
The renowned public sector bank has announced a complete waiver on processing fees for new customers seeking home loans, auto loans, and two-wheeler loans, provided their credit score is 700 or higher.
Opportunity Knocks: Union Bank’s Processing Fee Discount
If you’re considering purchasing a new home or a car, Union Bank of India presents an exciting chance.
The bank is extending a 100% waiver on processing fees for both home and car loans.
This means that individuals applying for home and auto loans will be exempt from paying any processing fees.
This offer is available from August 16, 2023, to November 15, 2023.
Furthermore, customers can enjoy this benefit even when transferring their home loans from other banks or financial institutions.
Attractive Fixed Deposit Rates by Union Bank of India
Union Bank of India is also offering competitive interest rates on fixed deposits (FDs).
The bank provides an annual interest rate of 3% to 7% for the general public and 3.50% to 7.50% for senior citizens on FDs ranging from 7 days to 10 years.
Additionally, the bank is offering a 6.70% per annum interest rate for the general public and 7.20% per annum for senior citizens on its tax-saving FDs spanning 5 to 10 years.
Bank of Maharashtra Joins the Move
Bank of Maharashtra (BOM) has taken a similar step to benefit its customers.
The bank recently reduced interest rates on home and car loans by up to 20 basis points.
Moreover, BOM has completely eliminated the processing fee for its customers.
Following this rate revision, new home loan rates now range from 8.60% to 8.50%, while car loan rates have been reduced by 20 basis points to 8.70%.
These revised rates by BOM were implemented from August 14.
The bank aims to provide customers with the dual advantage of lowered interest rates and waived processing fees, ultimately easing their financial responsibilities.
