Archive · 24 Dec 2025
Union Bank Cuts Loan Rates; Vikran Engineering Wins Solar Contract
Union Bank of India made home and vehicle loans cheaper by cutting interest rates.
At the same time, Vikran Engineering got a big job to build solar power projects in Maharashtra worth ₹2,035.26 crore.
The bank's changes will help people buy homes and vehicles more affordably.
Vikran Engineering will build solar power plants and supply important parts like solar panels and inverters.
They have one year to finish the whole project.
The project includes everything from planning to installing the solar panels.
The company's stock price went up by 11% on the news, even though it had dropped by 9% in the past month.
Union Bank of India reduced home loan rates by 0.30% and vehicle loan rates by 0.40%.
Vikran Engineering secured a ₹2,035.26 crore contract for a 600 MW AC solar power project in Maharashtra.
The solar project includes infrastructure development and supply of solar PV modules and inverters.
The project is to be completed within a one-year timeframe.
The loan rate cuts are applied to the External Benchmark Linked Rate (EBLR) through spread adjustments.
- Who
- Union Bank of India, Vikran Engineering, Onix Renewables
- What
- Loan rate cuts and solar project contract
- When
- December 23, 2025
- Where
- India, Maharashtra
- Why
- To offer relief to loan buyers and develop solar infrastructure
- Bank
- Union Bank of India
- Loan Types
- Home and Vehicle
- Home Loan Rate Cut
- 0.30%
- Vehicle Loan Rate Cut
- 0.40%
- Company
- Vikran Engineering
- Contract Value
- ₹2,035.26 Crore
- Project Type
- 600 MW AC Solar Power
- Location
- Maharashtra
- Completion Timeframe
- 1 Year
- Project Scope
- Design, Engineering, Procurement, Supply, Installation, Testing, Commissioning
- Components Supplied
- Solar PV Modules, Inverters
- Share Price Change
- 11% Intraday Gain, 9% Decline in One Month
Sources
Union Bank slashes loan interest rates; Vikran Engineering secures ₹2,035 Crore solar contract
Bank Of India Raises ₹10,000 Crore Via Infra Bonds At 7.23%, Union Bank Slashes Retail Loan Rates
Vikran Engineering bags Rs 2,035 crore order for solar projects in Maharashtra
