Canara Bank, Union Bank, IOB Slash Home Loan Rates --Check Latest Lending Rates
New Delhi: Canara Bank, Union Bank and Indian Overseas Bank (IOB) have announced reduction in their lending rates following the Reserve Bank of India's (RBI) announcement cutting the repo rate by 50 basis points, from 6.00% to 5.50%, in the latest Monetary Policy Committee (MPC) meeting.
Canara bank has reduced Repo Linked Lending Rate (RLLR) from 8.75 % to 8.25 % (applicable on its assets portfolio linked to External Benchmark rate). The revised lending rates will be effective from 12 June 2025, said Canara Bank.
"The RLLR has been reduced by 0.50% (50 basis points), directly reflecting the decrease in the RBI's repo rate. This move will lower borrowing costs for customers with loans linked to RLLR. Depending on their loan terms, customers may benefit from reduced EMIs (Equated Monthly Instalments) or a shorter loan tenure. Canara Bank, with a commitment to provide better banking experience to its customers, has offered the due benefits to borrowers by reducing RLLR," the bank said in a statement.
Union Bank and Indian Overseas Bank Hhave also announced a downward revision of External Benchmark Lending Rate (EBLR) and Repo Linked Lending Rate (RLLR) by 50 basis points.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Mint
5 hours ago
- Mint
Indian Overseas Bank, Punjab & Sind Bank, other PSU bank stocks rally up to 4% on report of accelerated govt stake sale
Shares of public sector banks (PSBs) rallied up to 4% on Tuesday following reports that the government is set to fast-track the process of offloading its stake in select lenders. Indian Overseas Bank share price surged as much as 4% to ₹ 38.99 apiece, while Central Bank of India shares rose 2.68% to ₹ 39.00. UCO Bank stock price gained 2.7% to ₹ 32.14, and Bank of Maharashtra shares advanced 2.8% to ₹ 56.15. Meanwhile, Punjab & Sind Bank share price added 3.4% to trade at ₹ 32.30 on the BSE. According to a report by CNBC Awaaz, the government plans to accelerate the disinvestment process in public sector banks, with the appointment of merchant bankers in the final stages. The Centre aims to sell up to a 20% stake in five PSU banks over the next six months through Qualified Institutional Placement (QIP) and Offer for Sale (OFS) routes. The proposed stake sale will involve UCO Bank, Bank of Maharashtra, Indian Overseas Bank, Central Bank of India, and Punjab & Sind Bank. Proceeds from the stake sale are expected to be utilised to meet the respective banks' capital and operational requirements, the report added.
Time of India
16 hours ago
- Time of India
Naidu pledges to develop Vizag like Mumbai
Visakhapatnam: TDP president and chief minister Nara Chandrababu Naidu said that the state govt aims to develop Visakhapatnam on a par with Mumbai. Addressing a gathering here, Naidu spoke about the ongoing development works, including the Bhogapuram airport construction, forthcoming metro project, Visakhapatnam's future as a Google data center location, and establishment of a Mittal steel plant in Anakapalli district. He also spoke about the role played by the NDA govt in stalling the privatisation of the steel plant, the recent financial support it secured from the Centre, and the progress on the railway zone project. Naidu highlighted TDP's impressive 94% success rate in the 2024 elections and emphasized Visakhapatnam's role in the landslide victory. "The people of Visakhapatnam did not believe YSRCP's words and defeated them badly. I owe a debt to Visakhapatnam, and no matter how much we do, it feels less. We will develop Visakhapatnam like Mumbai," the TDP supremo said. Naidu assured party workers of continued support and encouraged them to secure a significant victory for the party in the 2029 elections. He noted TDP's substantial membership of ten million dedicated supporters and described the party's bond with its workers as a "family bond." by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Switch to UnionBank Rewards Card UnionBank Credit Card Apply Now Undo "We promised to give 'Talliki Vandanam' before schools open, and we kept our word. From August 15, we will implement free bus travel for women. We will give Rs 21,000 as promised to farmers. We politically buried the ghost in the state," Naidu added.
Time of India
20 hours ago
- Time of India
Diamond tycoon Mehul Choksi claims India abducted him to extract false confession
A diamond tycoon wanted in a $1.5 billion fraud case told a UK court he was kidnapped by Indian agents in 2021 and tortured to extract a confession that he colluded with political opponents to defraud local banks. Mehul Choksi , the chairman of Gitanjali Gems Ltd., sued the Indian government and five individuals involved in the alleged abduction at a London court. The Indian government denies the allegations and argued that the case shouldn't be heard in English courts. The tycoon remains in Belgium, where he was arrested in April following extradition an request from India's federal investigators. The London allegations and the £250,000 ($339,690) claim were initiated to upend India's call for his extradition, a lawyer for the Indian government said in court on Monday. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Free P2,000 GCash eGift UnionBank Credit Card Apply Now Choksi, 66, and his former diamond billionaire nephew Nirav Modi , 54 fled India when fraud was unearthed at Indian state-owned banks in 2018. Modi and Choksi were the most high profile men facing charges after a series of frauds involving the diamond industry hit the banks in India, which cuts or polishes about 90% of the world's diamond supply. Modi, who remains in a UK jail, previously lost his extradition case while Choksi lived in Antigua. Modi and Choksi face charges linked to bribery, fraud and money laundering in India. Both men have previously denied any involvement in the fraud. Live Events Choksi was kidnapped from near his then home in Antigua in May 2021, his lawyers said. 'He was brutally beaten, including being punched, tasered to the face, blind-folded, tied to a wheelchair and gagged. He was knocked unconscious,' Edward Fitzgerald, Choksi's lawyer said in a court document. Choksi's lawyers said he woke up on a sailing vessel to be beaten further and threatened that he and his family would be killed if he didn't agree to return to India. Five individuals who are, or were British residents, tortured and threatened him 'to extort a false confession from him that he — in cahoots with the political opposition — was guilty of the allegations against him in India,' Fitzgerald said. Lawyers for the Indian government sought sovereign immunity. None of the alleged acts took place in the UK and the case shouldn't be heard in the UK, they said.
