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Loans to get cheaper as banks set to pare lending rates

United Bank cuts base rate by 25 basis points, others to follow

Your wait for lower EMIs is finally over. Banks are willing to pare their lending rates in next few days following the Reserve Bank of India's (RBI) decision to cut the repo rate by 25 basis points early Thursday. United Bank of India (UBI) has already announced a reduction in its base rate by 25 basis points and others are set to mirror the move in coming days. "It was certainly a surprise as bankers were expecting RBI to cut repo rate only in February. We have reduced our base rate by 25 basis points to 10 per cent. Our rate cut is effective from February 1," P ...