Saturday, September 26

Canara Bank Slashes Interest Rates on Loans

By: | August 6th, 2020

New Delhi, August 06, 2020 : Canara Bank, a leading Public Sector Bank, has reduced its Marginal Cost of Funds Based Lending Rate (MCLR) on Loans / Advances across all tenors with effect from August 07, 2020. Bank has reduced interest rate by 10 basis points under one year and 6-month tenor, 30 basis points under 3-month tenor, and 20 basis points under Overnight and one month tenors.

Accordingly, the tenor linked MCLRs of the Bank shall be as under with effect from 07.08.2020:

TenorInterest Rate (in %)
Overnight MCLR7.00%
One-Month MCLR7.00%
Three- Month MCLR7.15%
Six-Month MCLR7.40%
One Year MCLR7.45%

Repo Linked Lending Rate (RLLR) continues to be at 6.90%.

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