Canara Bank Slashes Loan Rates After RBI Move: Big Relief for Borrowers!

• RBI reduced the repo rate from 5.50% to 5.25% in its latest monetary policy review.
• Canara Bank, a public sector bank, cut its Repo Linked Lending Rate (RLLR) by 25 basis points.
• The revised RLLR is now 8.00% (down from 8.25%), effective from December 12.
• Customers with repo-linked home and vehicle loans will benefit from reduced EMIs or shorter tenures.
• Other banks like HDFC Bank and SBI also revised rates; HDFC Bank reduced interest on selected fixed deposits.

Why It Matters: Canara Bank's RLLR cut offers significant relief to borrowers following RBI's repo rate reduction.