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With the RLLR reduction, Canara Bank’s housing loans will now start at 7.90% per annum and vehicle loans at 8.20% per annum.
‘This means lower EMIs for existing and new borrowers and enhanced affordability for customers,’ says Canara Bank.
Canara Bank on Thursday said it has reduced its repo-linked lending rate (RLLR) by 25 basis points. The move follows the Reserve Bank of India’s Monetary Policy Committee (MPC) decision earlier this month to cut the repo rate from 6.25 per cent to 6 per cent.
“This rate revision is effective from April 12, 2025, and brings direct benefits to borrowers by making loans more affordable,” Canara Bank said in a statement.
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% per annum.
Vehicle Loans – Now starting at 8.20% per annum.
“This means lower EMIs for existing and new borrowers and enhanced affordability for customers planning to purchase a house or vehicle,” the lender added.