Canara Bank, a leading Public Sector Bank, has reduced its Marginal Cost of Funds Based Lending Rate

Canara Bank, a leading Public Sector Bank, has reduced its Marginal Cost of Funds Based Lending Rate

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

Chennai, 6th April 2020: Canara Bank, a leading Public Sector Bank, has reduced its Marginal Cost of Funds Bas ed Lending Rate (MCLR) on Loans / Advances across all tenors with effect from April 07, 2020 for the Ama lgamated 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. 

About Canara Bank:

Widely known for customer centricity, Canara Bank was founded by Shri Ammembal Subba Rao Pai, a great visi onary and philanthropist, in July 1906, at Mangalore, then a small port town in Karnataka. The Bank has gone through the various phases of its growth trajectory over hundred years of its existence. Growth of Canara Bank was phenomenal, especially after nationalization in the year 1969, attaining the status of a national level player in terms of geographical reach and clientele segments. Eighties was characterized by business diversification for the Bank. In June 2006, the Bank completed a century of operation in the Indian banking industry. The eventful journey of the Bank has been characterized by several memorable milestones. Today, Canara Bank occupies a premier position in the comity of Indian banks. Canara Bank has several firsts to its credit. 

https://www.canarabank.com/english/