Canara Bank slashes Interest rates on

Canara Bank slashes Interest rates on loans/advances with effect from 07.08.2020

Canara Bank, a leading Public Sector 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 reduced 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%.