Public Sector Canara Bank increased loan interest rate to to 9.40% at RLLR. The rate hike is done immediately after the RBI announcement of increase in Repo rate by 0.25%. Due to increase in the RLLR, the various loans including Home Loan, Car Loan, Mortgage based Loan, MSME and others will be costlier as these loans are linked to RLLR. The revised Home loan interest offered by Canara Bank is 9.20% for general public, earlier it was 8.95%. Also get – Canara Bank Fixed Deposit With Highest Rates For 400 Days
Earlier, the RBI once again hiked the policy repo rate by 25 basis points (bps) to 6.5%, marking an end to the current rate hike cycle. In its December monetary policy review, the central bank raised the key benchmark interest rate by 35 bps after delivering three back-to-back increases of 50 bps.
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