Bangalore-based public sector lender, Canara Bank, today announced reduction in the rate of interest 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 first 12 months, 9.50 per cent during next 24 months, 10 per cent for period above 36 months to 60 months.
For period above 60 months the interest rate is 10.50 per cent, the bank said in a press release.
Prior to this reduction, the bank was charging 11 per cent flat rate of interest on all durations.
