Canara Bank reduces MCLR on loans/advances

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 June 07, 2020. The lender has also reduced interest rate by 20 basis points across all tenors i.e, one year, 6 months, 3 months, 1 month and Overnight tenors.

Canara Bank reduces MCLR on loansadvancesAccordingly, the tenor linked MCLRs of the Bank shall be as under with effect from 07.06.2020.

Repo Linked Lending Rate (RLLR) has been reduced by 40 basis points from 7.30% to 6.90% effective from 07.06.2020.

On April 1, 2020, Canara Bank amalgamated with Syndicate Bank became the 4th largest Public Sector Bank in the country with a total business of Rs 15, 53,792 crores. With 10403 domestic branches, 13448 ATMs and about 6000 Business Correspondents, the Bank has got unparalleled potential to become the numero uno nationalized bank in the country with a premier position in the comity of Indian banks.

Canara Bank stated that, “The one-year MCLR has been revised down to 7.65 per cent from existing 7.58 per cent. For six months, the rate has been reduced to 7.60 per cent. Overnight and one-month MCLRs have been reduced by 20 basis points to 7.30 per cent each. Six-month MCLR has been revised to 7.55 per cent from 7.75 per cent.”

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