3 days ago
- Business
- United News of India
Canara Bank reduces Repo Linked Lending rate to 8.25 pc in line with the RBI MPC
Hyderabad, June 11 (UNI) Canara Bank on Wednesday announced a reduction in Repo Linked Lending Rate (RLLR) from 8.75 per cent to 8.25 percent (applicable on its assets portfolio linked to External Benchmark rate), following the Reserve Bank of India's (RBI) announcement cutting the repo rate by 50 basis points, from 6.00 percent to 5.50 percent, in the latest Monetary Policy Committee (MPC) meeting.
This marks the third consecutive rate cut by the RBI in 2025, signalling a supportive stance towards economic growth amidst easing inflation.
The revised lending rates will be effective from June 12, 2025, the bank said in a release.
The RLLR has been reduced by 0.50 percent (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.
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