Union Bank Cuts Loan Rates: Boost for Borrowers

Union Bank of India reduces home loan rates by 0.30% and vehicle loan rates by 0.40%, enhancing lending affordability. Vikran Engineering secures a Rs 2,035 crore contract to develop solar power projects in Maharashtra, furthering the renewable energy initiatives.

In a significant move for borrowers, Union Bank of India, a state-owned entity, announced a notable reduction in home loan rates by 0.30 percent and a decrease in vehicle loan rates by 0.40 percent. This decision, attributed to adjustments in the External Benchmark Linked Rate (EBLR) spreads, aims to make borrowing more accessible to potential homeowners and vehicle purchasers.

Meanwhile, on the renewable energy front, Vikran Engineering, a prominent Engineering, Procurement, and Construction firm, revealed that it has secured a substantial work order from Onix Renewable. The project, valued at Rs 2,035.26 crore, focuses on the development of a massive 600 MW AC solar power installation in Maharashtra.

The undertaking by Vikran Engineering includes comprehensive execution on a turnkey basis, encompassing the provision of essential components such as solar PV modules and inverters. This development underscores India's ongoing commitment to expanding its renewable energy capacity.

(With inputs from agencies.)