Canara Bank gives gifts, home loans and vehicle loans to the general public

Canara Bank gives gifts, home loans and vehicle loans to the general public Tezzbuzz | 14/06/2025 01:24:13

The impact of the cut in repo rate by RBI is seen on all banks of the country. In such a situation, how can the Canara Bank of the public sector be left behind. Canara Bank has also announced a cut in its bank’s interest rates.

Let us tell you that Canara Bank has taken this step after a reduction of 0.50 basic point in the repo rate by RBI, after which the repo rate has now increased to 5.5 percent. Canara Bank has given full advantage of this deduction of RBI to its customers. After this decision, the rest of the loans including Canara Bank’s Hon Lone, Vehicle Loan will become cheap.

This decision from the RBI has reduced the interest rates of home loan and vehicle loan significantly. Which will directly affect the EMI of both new and old loan lenders and their EMI will decrease. Which simply means that now the incomplete dream of buying a house and a car will be easily fulfilled.

Home loan became cheaper

If you are planning to buy a house, then this can be a great opportunity for you. The interest rate on Canara Bank’s home loan is now starting from only 7.40 percent. Earlier this rate was 7.90 percent, which means that if you have taken a home loan of 50 lakhs, then there will be great savings in your EMI. For example, if you used to get a monthly EMI of about Rs 49,500 from the interest rate of 7.90 percent on a loan of 50 lakhs for 20 years. That EMI will now be reduced to Rs 47,800 according to the new interest rates of 7.40 percent. Which simply means that you can have saving of Rs 1,700 every month.

After all, why is travel insurance, know this information before planning an international trip

Dream of buying a car will be fulfilled

The interest rate which was earlier 8.20 percent has now fallen down to 7.70 percent. If you are thinking of dreaming of buying a new car or bike, now the burden of EMI can be reduced from before. For example, suppose that you have taken a loan of 7 lakhs for 5 years, then for this you had to give an EMI of Rs 14,800 as per the old interest rate of 8.20 percent. On the other hand, if the new interest rate at the new rate of 7.70 percent, this EMI can be reduced to about Rs 14,500. Which simply means that every month you can have a slight saving of only 300 rupees. Although it will be very small savings, but for a long time it can lighten your budget.

(With agency input)