Business
Canara Bank-slashes Interest rates on loans/advances with effect from 07.07.2020
Chennai 11th 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:
| Tenor | Interest Rate (in %) |
| Overnight MCLR | 7.20% |
| One-Month MCLR | 7.20% |
| Three- Month MCLR | 7.45% |
| Six-Month MCLR | 7.50% |
| One Year MCLR | 7.55% |
Repo Linked Lending Rate (RLLR) continues to be at 6.90%.