Public Sector Banks Slash Loan Rates for Home and Vehicle Buyers

Canara and Indian Bank announce a 25 basis points reduction in repo-linked lending rates, aligning with the RBI's efforts to make home and vehicle loans more affordable. Indian Bank's home and vehicle loan rates now start at 7.90% and 8.25% respectively, with added benefits such as lowered fees.

In a move that aligns with the Reserve Bank of India's efforts to stimulate consumption by making borrowing cheaper, public sector lenders Canara and Indian Bank have reduced their repo-linked lending rate (RLLR) by 25 basis points.

Indian Bank announced that, following the rate reduction, home loan interest rates have been decreased from 8.15% to 7.90%, while vehicle loan rates have been revised from 8.50% to 8.25%. Additionally, the bank is offering discounted processing fees and waiving documentation charges to entice new customers.

Similar adjustments have been made by Canara Bank, which stated that with the lower RLLR, the minimum rate of interest for all loans has been reduced. The housing loan now begins at 7.90% annually, while vehicle loans start at an 8.20% rate.

(With inputs from agencies.)