Public Canara Bank of the region has cut interest in interest by 0.50 percent on loans related to repo rate. Due to this, the revised repo -based interest rate has come down from 8.75 percent to 8.25 percent. The new rates have come into force from June 12, 2025. The Kenra Bank has taken this step after the Reserve Bank of India (RBI) after a 0.5 percent reduction in the major policy rate repo. With this deduction, Canara Bank is giving the benefit of a full reduction of 0.50 percent of the interest rate to its customers after the RBI step.
Home loan and auto loan reduced rate
Canara Bank said in a statement on Friday that this deduction has reduced the minimum interest rate for all types of loans. Due to this, interest on home loan has come down from 7.90 percent per year to 7.40 percent. At the same time, the auto loan has come down from 8.20 percent per year to 7.70 percent per year.
RBI had cut rate cut
According to the statement, the step explains the commitment to support economic progress by enabling Customer-focused policies by capable of continuous attention and easy access to loans. It is noteworthy that the RBI had reduced the major policy rate repo from 0.5 percent to 5.5 percent in the Biological Monetary Policy Review. Also announced the cash reserve ratio (CRR) to reduce one percent to three percent.
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