New Delhi: In a move aimed at easing the financial burden on its customers, Canara Bank has announced reduction in its lending rates.
Canara bank has reduced its Repo Linked Lending Rate (RLLR) by 25 basis points, following RBI’s recent decision to slash key interest rates.
With the RLLR reduction, the minimum rate of interest for all the loans have been lowered out of which, the popular loan products are:
— Housing Loans – Now starting at 7.90% p.a.
— Vehicle Loans – Now starting at 8.20% p.a.
This rate revision is effective from 12 April 2025, and brings direct benefits to borrowers by making loans more affordable, Canara Bank said.
This will lower EMIs for existing and new borrowers and enhanced affordability for customers planning to purchase a house or vehicle, said the bank in a statement.
“Canara Bank continues to align its offerings with customer needs by ensuring timely transmission of policy rate cuts. This move reaffirms the Bank’s commitment to making credit more accessible, helping customers move forward with their dreams and financial goals,” the bank said.
Bringing massive relief to home and auto loan borrowers, the Reserve Bank of India (RBI) earlier this month announced reduction in interest rate for the second time.
This is new RBI Governor Sanjay Malhotra’s second Monetary Policy after he took charge at the central bank, succeeding Shaktikanta Das. The six-member Monetary Policy Committee (MPC) meeting that began on Monday, announce the decision to reduce the repo rates by 25 basis points to 6 percent.
The Monetary Policy Committee has unanimously decided to slash the policy rate by 25 basis points to 6.25 per cent, RBI Governor Sanjay Malhotra said.
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