Canara Bank picked it up marginal cost of funds based lending rate ,MCLR) on loan. In a regulatory filing, the lender said the new marginal cost of funds-based lending rate (MCLR) for various tenors is effective from September 7, 2022.

The bank has increased its overnight and one-month MCLR by 10 basis points and three-month MCLR by 15 basis points to 7.25%. The six-month rate has been increased by five basis points to 7.65%. The benchmark one-year MCLR now stands at 7.75%, as against 7.65% earlier.

As per the BSE notification, “The above MCLR will be applicable only on the first disbursement of new loans/advance sanctioned on or after 07.09.2022 and those credit facilities will be renewed/reviewed/reset and where the MCLR is switched over to the linked internet rate.” The option of the borrower is allowed on or after 07.09.2022.

Canara Bank According to the website the Repo Linked Lending Rate (RLLR) WEF 07.09.2022 is 8.30%.

Big Banks Prefer in September HDFC bank, ICICI Bank And PNB climbed them lending rate After the Reserve Bank of India raised the repo rate by 50 basis points to 4.50 per cent.