State-owned UCO Bank has cut home loan interest rates by 25 basis points with effect from Wednesday.

The lender said revised home loan interest rates start from 6.90 per cent, irrespective of loan amount and occupation of the borrower.

The state-owned bank is confident of meeting the Rs 3,000 crore lending target for retail and MSME segments for the festive season months of October and November;  around Rs 1,900 crore had already been sanctioned.

Earlier, UCO Bank slashed its one-year MCLR to 7.35 per cent from 7.40 per cent