on Nov 12, 2021)Mumbai: of India has slashed vehicle loan rates to 6.95% for electric four-wheelers and two-wheelers. The bank has also done away with processing fees for its ‘Union Green Mile’ loan. While there is no ceiling on four-wheeler loans, electric two-wheeler loans are capped at Rs 10 lakh. The interest rates will start from 6.95% and will be linked to Cibil credit score.
In addition to the two-wheeler loans, the bank has launched another green loan scheme for rooftop solar systems. This will be available under discounted interest rates for the installation of grid-connected rooftop solar systems to individual households in the residential sector. The third green product is Union Green Deposit, a term deposit that can be opened only digitally and the proceeds of which will be used for green loans.
The green schemes were launched to commemorate the bank’s 103rd foundation day on November 11. During the foundation day event, the bank’s MD & CEO Rajkiran Rai also announced the launch of digital self-service branches and the introduction of WhatsApp banking. The bank has also upgraded its Finacle software to provide display and printing in 13 Indian languages.
