Canara Bank declares a cut in home, auto loans
By Joseph Samson
Nov 11, 2008
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Home loans are coming closer to your reach.

Public- sector lender, Canara Bank has declared a 75 basis points reduction in its housing loans. The new rates are connected to prime lending rate (PLR) of the bank that has recently come down to 13.25%.

A press release of the bank says that interest rate on loans up to Rs 30 lakh and 5 years tenure is 9.5%. Loans with 10 years tenure are charged 9.75% while loans availed for a period up to 25 years are charged an interest rate of 10%.

Similarly loans above Rs 30 lakh are available at 10.25% interest rate provided they have 5 years tenure. Loans for 10 years and 25 years are charged an interest rate of 10.5% and 10.75% respectively.

The bank has also announced a 100 basis points reduction to 12.5% in its auto loans, said the press release.

All the revised rates of the bank are applicable on loans disbursed from November 10th onwards.


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