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Canara Bank slashes Interest rates on loans/advances

MediaInfoline June 8, 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 June 07, 2020. Bank has reduced interest rate by 20 basis points across all tenors i.e, one year, 6 months, 3 months, 1 month and Overnight tenors.

Accordingly, the tenor linked MCLRs of the Bank shall be as under with effect from 07.06.2020:

Tenor Interest Rate (in %)
Overnight MCLR 7.30%
One-Month MCLR 7.30%
Three- Month MCLR 7.55%
Six-Month MCLR 7.60%
One Year MCLR 7.65%


Repo Linked Lending Rate (RLLR) has been reduced by 40 basis points from 7.30% to 6.90% effective from 07.06.2020.


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