Canara Bank cuts interest rates on loan
Canara Bank cuts interest rates on loan
India News : Canara Bank has announced a cut in interest rates. The bank has reduced the repo-linked lending rate by 40 basic points. Now, the repo-linked lending rate (RLLR) in the bank has come down from 7.30 per cent to 6.90 per cent. In addition, the bank has reduced the Marginal Cost of Funds Based Lending Rate (MCLR) by 20 basis points for all periods.
This will reduce the interest burden of the loan on customers taking home loans, car loans or personal loans. According to the bank, the revised interest rates have come into effect from June 7.
Significantly, Punjab National Bank, Bank of India and UCO Bank have cut interest rates on repo related loans by 0.40 per cent. Earlier, according to the Bank of Maharashtra, the interest rate for all loans linked to the repo rate has been cut by 0.40 per cent.
The Reserve Bank in May reduced the repo rate by 0.40 per cent. After this, many banks have reduced their loan interest rates. This includes Punjab National Bank (PNB), Uco Bank and Bank of India etc.
On May 22, the Reserve Bank cut the repo rate by 40 basis points. The repo rate was reduced from 4.4 per cent to 4 per cent.
Canara Bank cuts interest rates on loan
Piyush Verma
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