According to a recent press report, Canara bank has offered to reduce the interest rate for housing loans and home improvement loan by 50 basis points as festival offer. In accordance with these releases the bank has introduced retail loan festival from October10 to January 15, 2012 when these special offers of reduced interest rates will be made available to the customers.
Besides, the bank has also offered to cut down the processing fee for these festival loans during the season. The bank has also announced that the additional interest of 25 basis points charged on loans borrowed for the second residential unit has been waived off as a festival offer.
Reports said that there will be a reduction in the interest rates of vehicle loans availed during this festival season by 100 basis points. The customers who acquire vehicle loans under this offer will not be charged for any processing fee.