Public sector lender Canara 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 slashed its 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:
| Tenor | Interest Rate (in %) |
| Overnight MCLR | 7.00% |
| One-Month MCLR | 7.00% |
| Three- Month MCLR | 7.15% |
| Six-Month MCLR | 7.40% |
| One Year MCLR | 7.45% |
Repo Linked Lending Rate (RLLR) continues to be at 6.90%.
