Canara Bank slashes Interest rates on loans/advances with effect from 07.04.2020.

Pune 6th April 2020: Canara Bank, a leading Public Sector Bank, has reduced its Marginal Cost of Funds Based Lending Rate (MCLR) on Loans / Advances across all tenors with effect from April 07, 2020 for the Amalgamated Entity. Bank has 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 shall be as under with effect from 07.04.2020:

Tenor Interest Rate (in %)
Overnight MCLR-7.50%
One-Month MCLR – 7.50%
Three- Month MCLR 7.75%
Six-Month MCLR- 7.80%
One Year MCLR – 7.85%

Repo Linked Lending Rate (RLLR) has been reduced by 75 basis points from 8.05% to 7.30% effective from 07.04.2020.