Canara Bank to cut retail loan rates by 25-50 bps

Canara Bank today announced it will lower interest rates on new personal and automobile loans by 50 basis points and 25 basis points, respectively, from Wednesday, October 17.

New personal loans will now carry an annual interest rate of 13.25%, while automobile loans will be offered at 11.50%, an official release said.

The state-run Canara Bank had recently cut interest rates on fresh housing loans by 50 basis points, across slabs and tenures.

The Canara Bank announcement follows State Bank of India and ICICI Bank, which had recently reduced rates on personal and automobile loans.