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Canara Bankhas reduced its marginal cost of funds-based lending rate (MCLR) on loans/advances across all tenors. The bank has reduced interest rate by 25 basis points on overnight, one-month, three-month and six-month tenors and 15 basis points in respect of one-year tenor with effect from February 7, said a bank release. Accordingly, the tenor-linked MCLRs of the bank with effect from February 7 are: overnight MCLR 7.65 per cent, one-month MCLR 7.65 per cent, three-month MCLR 7.95per cent, six-month MCLR 8.10 per cent, and one-year MCLR 8.20 per cent.
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