If you are thinking of purchasing a car or house during the festival season, then this dream is going to come true. Canara Bank, a government sector in India, has given a big gift to customers. Canara Bank has cut the marginal cost-based loan interest rate from 0.05 to 0.15%. This deduction means that the interest rate of the home or auto loan will be reduced.
Canara Bank told the stock market that MCLR has been cut by 0.05% on loans for a period of one year. Now the new rates will be reduced from 7.40% to 7.35%. Similarly, the rate will be 7.30% on the loan for a period of six months. The interest rate on one day and one-month loans is reduced by 0.15% to 6.80%.
The loan will be reduced from 7.10% to 6.95% on a three-month loan. These new rates have come into effect from 7 November today. Earlier on Thursday, Indian Overseas Bank had also cut it by 0.05 to 0.50%. The new rates of Indian Overseas Bank will be effective from November 10.
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