Canara Bank reduces MCLR by 25 bps

BENGALURU: Canara Bank on Thursday reduced its marginal cost of funds based lending rate (MCLR) on loans and advances across all tenors.


The bank has reduced interest rate by 25 basis on overnight, one month, three month and six month. And has reduced MCLR by 15 basis points for one-year tenor with effect from February 7, 2020.

As a result of the change, the interest rates charged for overnight and one-month loans would be 7.65%. For three-month tenor loans the MCLR would be 7.95%; for six months 8.10% and one-year 8.20%.

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