The state-owned on Tuesday announced a cut of 15 basis points in its marginal cost of funds based lending rate (MCLR). The bank has decided to reduce MCLR Canara Bank said in a regulatory filing that it will increase 10 basis points to 7.25 per cent with effect from October 7 for the one-year tenure.
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most of consumer loans For example, the price of personal, auto and home is fixed on the basis of one year MCLR.
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The bank has reduced the MCLR by 0.15 per cent to 6.55 per cent for overnight and one-month tenors.
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Meanwhile, with effect from October 6, its MCLR was also reduced by 0.05 per cent.