Canara Bank slashes Interest rates on loans/advances with effect from 07.07.2020

Chennai 6th July 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 July 07, 2020. Bank has reduced interest rate by 10 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 07.07.2020:

TenorInterest Rate (in %)
Overnight MCLR7.20%
One-Month MCLR7.20%
Three- Month MCLR7.45%
Six-Month MCLR7.50%
One Year MCLR7.55%

Repo Linked Lending Rate (RLLR) continues to be at 6.90%.

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