With effect from July 7th, 2022, Canara Bank, a public sector lender, increased its Marginal Cost of Fund Based Lending Rate (MCLR) and Repo Linked Lending Rate (RLLR) for loans / advances in overnight to one-year tenors. As a result, the bank’s tenor-linked MCLRs will go into effect on July 7, 2022. The bank increased its overnight to one-month MCLR rate by 10 basis points to 6.75 per cent. The 3-month MCLR rate increased by 10 basis points from 6.95 per cent to 7.05 per cent, while the 6-month MCLR increased by 10 basis points from 7.35 per cent to 7.45 per cent. The one-year MCLR is the standard by which banks benchmark their home loan rates, and for this duration, the bank increased the rate by 10 basis points, from 7.40 per cent to 7.50 per cent.