Union Bank Slashes Home, Vehicle Loan Rates After RBI Repo Cut

• Union Bank of India reduced home loan rates by 0.30 percentage points and vehicle loan rates by 0.40 percentage points.
• The decision follows the Reserve Bank of India's 25 basis points repo rate cut from 5.50% to 5.25%.
• The rate reduction is implemented under the External Benchmark Linked Rate (EBLR) framework through a revision of spreads.
• Union Bank is an early mover, potentially signaling similar rate cuts from other lenders in the near term.

Why It Matters: Union Bank cuts loan rates, passing RBI's repo rate benefit to borrowers.