Canara Bank raises lending rate by 5 basis points across tenure
The benchmark one-year MCLR will be 8.75% against the existing rate of 8.70%.
- Economy News
- 1 min read
;'%3e%3cpath%20d='m8,15.99c4.41,0,7.99-3.58,7.99-7.99S12.41,0,8,0,0,3.59,0,8s3.58,7.99,7.99,7.99Z'%20style='stroke:%23fff;%20stroke-miterlimit:10;%20stroke-width:.02px;'/%3e%3cpath%20d='m3.08,3.37l3.82,5.11-3.84,4.15h.87l3.37-3.64,2.72,3.64h2.94l-4.04-5.39,3.58-3.87h-.86l-3.1,3.35-2.5-3.35h-2.94Zm1.27.64h1.35l5.97,7.99h-1.35l-5.97-7.99Z'%20style='fill:%23fff;'/%3e%3c/g%3e%3c/svg%3e){kind=small}
-169953185328316_9.webp?w=1280&h=720&q=75&format=webp "Canara Bank raises lending rate by 5 basis points across tenure")
State-owned Canara Bank on Thursday announced a hike in the benchmark lending rate by 5 basis points across tenure, a move that will make loans costlier.
The revised marginal cost of funds-based lending rate (MCLR) across various tenors would be effective from November 12, Canara Bank said in a regulatory filing.
The benchmark one-year MCLR will be 8.75 per cent against the existing rate of 8.70 per cent.
The one-year rate is used to fix most consumer loans such as auto, personal and home loans.
Advertisement
The overnight, one-month, three-month and six-month MCLRs are also raised by 5 basis points each, it said.