Canara Bank reduces Interest rates on loans/advances

canara bank

canara bankPublic 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%.


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