Canara Bank slashes Interest rates on loans/advances
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 %)|
|Three- Month MCLR||7.55%|
|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.