Union Bank opens `retail mart' for loans

Special Correspondent

KOCHI: Union Bank of India has opened a `retail mart' at its Ernakulam branch to speed up the sanctioning of loans for building homes, vehicle purchase and retail business.

M.P. Verghese, assistant manager, said the mart would decide on loan applications within 24 hours of receipt.

The mart will offer a reduced interest rate of 7.25 per cent on 15 year loans and 7.50 per cent on loans for longer term.

The rates will be effective until November 15.

The retail mart will also offer loans to businessmen at the rate of nine per cent.

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