With Canara Bank’s RLLR reduction, the minimum rate of interest for all the loans have been lowered, of which, housing loans have been reduced to 7.90% p.a and vehicle loans to 8.20% p.a.
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SOMASHEKARA GRN
Bengaluru– based Canara Bank has reduced its Repo Linked Lending Rate (RLLR) by 25 basis points. The announcement was made following the Reserve Bank of India’s Monetary Policy Committee (MPC) decision to lower the repo rate from 6.25 per cent to 6.00 per cent.
With the RLLR reduction, the minimum rate of interest for all the loans have been lowered, of which, housing loans have been reduced to 7.90 per cent p.a and vehicle loans to 8.20 per cent p.a.
For the quarter that ended on December 2024, the bank saw a 12.26 per cent y-o-y increase in housing loans to ₹1.03 lakh crore and a 17.26 y-o-y increase in vehicle loans.
“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,” a statement from the public-sector bank said.
This rate revision is effective from 12th April 2025.
(With Inputs from businessline Intern Rohan Das)
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Published on April 25, 2025
