Money & Banking

Canara Bank trims MCLR rates on loans, advances across all tenors

Our Bureau Bengaluru | Updated on April 06, 2020

Canara Bank, a Bengaluru-based public sector bank, has reduced its marginal cost of funds based lending rate (MCLR) on loans/advances across all tenors with effect from April 7 for the amalgamated entity (Canara-Syndicate), said a release from the bank.

The bank has reduced interest rate by 35 basis points under one-year tenor; 30 basis points under six-months tenor; 20 basis points under three-months tenor and 15 basis points under Overnight and one-month tenors.

Accordingly, the tenor linked MCLRs of the bank shall be as under with effect from April 7: Overnight MCLR – interest rate 7.50 per cent. One-month MCLR – interest rate 7.50 per cent. Three-month MCLR – interest rate 7.75 per cent. Six month MCLR – interest rate 7.80 per cent. And one year MCLR – interest rate 7.85 per cent.

Repo Linked Lending Rate (RLLR) has been reduced by 75 basis points from 8.05 per cent to 7.30 per cent also effective from April 7.

Published on April 06, 2020

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