- Canara Bank raised MCLR rates for specific tenures effective August 12
- Revised MCLR rates range from 7.95% to 9.10% after the hike
- One-month MCLR increased to 8.05% from 8.00%
Canara Bank has hiked lending rates for specific tenures, effective from Wednesday, August 12, the lender said in an exchange filing on Tuesday, August 11.
Following the latest revision, MCLR rates of Canara Bank will range from 7.95% to 9.10%, based on the tenure of the loan. Before the revision, the MCLR rates ranged from 7.95% to 9.05%.
Marginal cost of funds-based lending rate (MCLR) is the minimum interest rate a bank must charge for loans, introduced by the RBI in 2016.
Check Latest Canara Bank Lending Rates
The lender has raised one-month, three month, six-month, one-year, two-year and three-year lending rates. The one-month MCLR has been hiked by 5 basis points to 8.05% from 8.00%, three-month lending rate has been increased to 8.30% from 8.25%, while six month rate has been raised to 8.65% to 8.60%. One-year rate has been hiked by basis points to 8.80% from 8.75% and two year MCLR revised to 9.05% from 9.00%
The bank has revised three-year MCLR by 5 basis points to 9.10% from 9.05%. Notably, MCLR for overnight tenure remains unchanged at 7.95%.
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