Canara Bank slashes PLR by 75 bps

Bangalore-based public sector lender Canara Bank, today announced reduction in its benchmark prime lending rate (PLR) by 75 basis points with effect from January 1, 2009 from 13.25 per cent to 12.50 per cent.

This reduction in interest rates is also applicable to borrowers in MSME and housing sectors, which are currently linked to PLR, the bank said in a statement.

Rate of interest on auto loans has also been reduced by 50 basis points from 12.50 per cent to 12 per cent.