personal finance

Canara Bank slashes MCLR on loans by up to 35 bps across all tenors

BENGALURU: Canara Bank has reduced its Marginal Cost of Funds Based Lending Rate (MCLR) on loans / advances across all tenors with effect from Tuesday for the amalgamated entity.

The public sector lender has reduced interest rate by 35 basis points under one year tenor, 30 basis points under six months tenor, 20 basis points under three months tenor and 15 basis points under overnight and one month tenors.

Repo Linked Lending Rate (RLLR) has been reduced by 75 basis points from 8.05 per cent to 7.30 per cent effective from Tuesday, it said in a statement.

The amalgamation of Syndicate Bank into Canara Bank came into effect from April 1.


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