Canara Bank cuts home, personal loan interest rates

Excelsior Correspondent

JAMMU, June 13: Following the RBI’s latest repo rate cut, Canara Bank today slashed its Repo Linked Lending Rate (RLLR) from 8.75% to 8.25%.
This was informed by K Satyanarayana Raju, MD and CEO of Canara Bank in a press conference held today.
He informed that the new rates will be effective from June 12, 2025. That is, if your loan is based on RLLR from Canara Bank, then either your EMI will decrease or the loan period will be reduced. The bank has taken this step with the aim of providing affordable credit facility to the customers.
Repo Linked Lending Rate (RLLR) is the interest rate that is directly linked to the repo rate of the Reserve Bank of India (RBI).
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 are reduced from 7.90% p.a. to 7.40% p.a. and vehicle loans are reduced from 8.20% p.a. to 7.70% p.a..
This brings transparency in interest rates and the benefit of the change reaches the customers immediately. Retail loans like home loans, personal loans and auto loans are usually linked to RLLR.
This is the third consecutive time in 2025 that the RBI reduced the repo rate. Cumulatively, the repo rate has been cut by 100 basis points since February this year.
Its direct benefit is given to the common people in the form of low interest rates on loans. At a time when inflation has softened a bit, this stance of RBI is helping to speed up economic activities.

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