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 per cent for overnight and upto one month MCLR, 7.75 per cent for three month MCLR, 7.80 per cent for  six month MCLR  and maximum 7.85 per cent for one year MCLR and above.

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