Canara Bank slashes Interest rates on loans and advances

Kolkata,7 April (HS): Leading public sector Canara Bank here today announced its decision to reduce its Marginal Cost of Funds Based Lending Rate (MCLR) on loans and advances across all tenors with effect from this morning for the Amalgamated Entity.

Informing this Canara Bank sources told Hindusthan Samachar here today that accordingly the Bank had reduced interest rate by 35 basis points under one year tenor,30 basis points under 6 months tenor, 20 basis points under 3 months tenor and 15 basis points under Overnight and one-month tenors.

Accordingly,the tenor linked MCLRs of the Bank would now be 7.50 percent for overnight and up to one-month MCLR, 7.75 percent for three months MCLR, 7.80 percent for  six months MCLR  and maximum 7.85 percent for one year MCLR and above.  

Similarly the Repo Linked Lending Rate (RLLR) has also been reduced by 75 basis points from 8.05 percent to 7.30 percent with effect from today.

Hindusthan Samachar/Ankur Bhattacharya