Canara Bank has raised marginal cost of funds based lending rate ,MCLR) And repo-linked lending rate ,rllr) during the period with effect from July 7, 2022, according to a statement issued with the BSE.

MCLR

The bank has increased the MCLR by 10 basis points across all tenors. According to the bank’s website, the overnight MCLR is now 6.75 percent. The MCLR for one month will be 6.75 per cent. The MCLR for three months and six months is 7.05 per cent and 7.45 per cent respectively. The one-year MCLR for many consumer loans is now 7.50 per cent.

According to the Canara Bank website, “The above MCLR is applicable only on the first disbursement of fresh loans/advances sanctioned on or after July 7, 2022 and those credit facilities are renewed, reviewed, reset and where the MCLR exceeds Switchover is allowed at the linked interest rate. At the option of the borrower, on or after July 7, 2022.”

However, existing borrowers of the bank will have the option to switch to MCLR (other than fixed rate loans) linked interest rates. Borrowers desirous of switching to MCLR based interest may approach the branch.

Canara Bank RLLR

The bank has also increased the interest rate on all retail loan schemes linked to Repo Linked Lending Rate (RLLR) by 50 basis points from 7.30 to 7.80% with effect from July 7, 2022.