Public sector lender Canara Bank today announced that it had reduced its interest rates on vehicle loans sanctioned on or after August 1, 2009.
The revised rate is as low as 8.50 per cent for vehicle loans during the first 12 months, 9.50 per cent during the next 24 months, 10 per cent for period above 36 months to 60 months.
For the period above 60 months, the interest rate is 10.50 per cent, according to the press release. Canara Bank’s auto loans have grown by an almost 26 per cent to Rs 1,200 crore for the quarter ended June 30, 2009, compared to the corresponding quarter of the last financial year.
Compared to the March 2009 quarter, the bank’s auto loans have increased by just around 8 per cent to Rs 1,200 crore in the June quarter of 2009.
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