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 %)|
|Three- Month MCLR||7.15%|
|One Year MCLR||7.45%|
Repo Linked Lending Rate (RLLR) continues to be at 6.90%.