Home Loan Interest Rates: Canara Bank said that with the RLLR reduction, the minimum rate of interest for all loans has been lowered.
Following the repo rate cut by the Reserve Bank of India (RBI), several banks are transferring the benefits to customers by lowering their interest rates. Amid this, two leading public sector lenders, Canara and Indian Bank on have lowered their repo-linked lending rate (RLLR) by 25 basis points in line with the central bank. With this move, home and vehicle loans offered by these banks have become cheaper.
Indian Bank Cuts Home Loan, Vehicle Loan Interest Rates
Following the reduction, Indian Bank has lowered its home loan interest rates from the existing 8.15 per cent to 7.90 per cent. Similarly, the bank has reduced vehicle loan interest rates from the existing 8.50 per cent to 8.25 per cent.
In addition to the reduced interest rates, Indian Bank is also offering benefits such as discounted processing fees and zero documentation charges, the Chennai-based lender said in a statement.
“his reduction aims to provide relief to borrowers by lowering EMIs and promoting affordable credit access,” the bank said.
Canara Bank Cuts Home Loan, Vehicle Loan Interest Rates
Canara Bank said that with the RLLR reduction, the minimum rate of interest for all loans has been lowered. The interest rate of housing loans offered by the bank now starts at 7.90 per cent, while the vehicle loan begins at 8.20 per cent per annum.
The rate revision is effective from April 12, 2025, the PSU bank added.
“Customers can visit their nearest Canara Bank branch or log on to www.canarabank.com for more details or to apply for a loan at the revised rates,” the bank said.
Earlier, several banks reduced their lending rate by 25 basis points following the Reserve Bank’s policy rate cut, making loans cheaper for both existing and new borrowers.
Besides, the bank also cut deposit rates by 10-25 basis points, bringing the interest rates of fixed deposits down.