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MCLR
The bank has hiked MCLR by 10 basis points across all tenures. According to the bank website, the overnight MCLR is now 6.75 percent. The MCLR for one month will be 6.75 percent. The three-month and six-month MCLRs are 7.05 percent and 7.45 percent, respectively. The one-year MCLR, which is connected to many consumer loans, is now 7.50 percent.
According to the Canara Bank website, “The above MCLR is applicable only to new loans/advances sanctioned first disbursement made on or after July 7, 2022 and those credit facilities renewed, reviewed, reset undertaken and where switchover to MCLR linked interest rate is permitted at the option of the borrower, on or after July 7, 2022.”
However, existing borrowers of the bank will have an option to switch over to interest rates linked to MCLR ( other than fixed rate loans). Borrowers willing to switch over to the MCLR based interest may contact the branch.
Canara Bank RLLR
The bank has also hiked interest of all retail lending schemes that are linked to repo linked lending rate (RLLR) by 50 basis points to 7.80% from 7.30 with effect from July 7, 2022.
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