Canara Bank increases its benchmark lending rate by up to 0.15%

7 Sep 2022 , 07:16 AM

Loans will now cost more as a result of Canara Bank’s decision to increase its benchmark MCLR by as much as 0.15%.

The lender announced in a regulatory filing that the new marginal cost of funds-based lending rate (MCLR) for various tenors would go into effect on Wednesday.

In comparison to the current rate of 7.65%, the benchmark one-year MCLR will be 7.75%. The majority of consumer loans, including auto, personal, and house loans, are fixed at a one-year rate.

The three-month maturity bucket climbed by 0.15%, or 15 basis points, to 7.25%, while the overnight and one-month tenor MCLRs each saw a 0.10% boost.

After the RBI increased its benchmark lending rate last month, the increase is in line with that of other competitors.

The repo rate, at which the government’s bank loans to others, was increased by 50 basis points to 5.4% by the RBI.

For feedback and suggestions, write to us at [e-mail]