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State-owned Union Bank of India has reduced its home and vehicle loan interest rates after revising spreads under its external benchmark-linked lending framework. The move is expected to ease borrowing costs for retail customers amid steady credit demand. Separately, Vikran Engineering has secured a large engineering, procurement and construction order from Onix Renewable for utility-scale solar projects in Maharashtra. The contract covers turnkey execution and supply of key equipment within a defined timeline. Together, the developments reflect activity across retail lending and renewable energy infrastructure segments.
Union Bank of India has announced a reduction in its retail lending rates, lowering home loan interest rates by 0.30 per cent and vehicle loan rates by 0.40 per cent. The bank stated that the change was enabled by a revision in the spreads linked to its External Benchmark Linked Rate framework. This adjustment has brought down the final lending rates applicable to borrowers. Advertisement
The bank has been aligning its loan pricing more closely with external benchmarks over the past few years, in line with regulatory guidance, to improve transparency and faster transmission of policy rate changes. The latest reduction is expected to support homebuyers and vehicle purchasers at a time when retail loan demand remains resilient across urban markets.
In a separate development, engineering, procurement and construction firm Vikran Engineering has secured a work order valued at INR 2,035.26 crore from Onix Renewable. The contract is for the development of 600 MW AC solar power projects in Maharashtra. The company said the scope includes turnkey EPC execution along with the supply of critical components such as solar photovoltaic modules and inverters.
The project is scheduled to be completed within a year. Vikran Engineering has previously executed large-scale renewable energy projects across India, and the latest order adds to its growing portfolio in the solar EPC segment. Maharashtra continues to be a key market for renewable capacity addition, supported by state-level solar targets and grid-scale project tenders.
Source PTI
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