Canara Bank hikes MCLR; revises Repo Linked Lending Rate; check latest loan interest rates

economictimes.indiatimes.com:

Canara Bank has increased its marginal cost of lending rates (MCLR) by up to five basis points (bps), according to the bank's stock exchange filing. The new rates will be effective from August 12, 2023. The new MCLR will be effective from August 12, 2023. After the revision, its overnight MCLR rate jumped to 7.95 per cent from 7.9 per cent. One-month MCLR rate increased to 8.05 per cent from 8 per cent. However, the three-month MCLR rate kept unchanged at 8.15 per cent. Further, the bank increased the six-month MCLR rate to 8.5 per cent from 8.4 per cent. The on-year MCLR rate rose to 8.7 per cent. Earlier it was at 8.65 per cent. Further, Canara Bank’s Repo Linked Lending Rate (RLLR) stood at 9.25 per cent effective from August 12, 2023, as per the Canara Bank's website. “Rates of Interest of all Retail Lending Schemes are linked to REPO LINKED LENDING RATE RLLR OF THE BANK – 9.25%* w.e.f 12.08.2023,” according to Canara Bank’s website. “Rates of Interest of all Retail Lending Schemes are linked to REPO LINKED LENDING RATE RLLR OF THE BANK – 9.25%* w.e.f 12.08.2023,” according to Canara Bank’s website. Do note that the revised RLLR will apply only to new accounts opened on or after August 12, 2023, and to those accounts which will complete three years under the RLLR regime on or after August 12, 2023. The accounts that have not been completed for three years under the RLLR regime will continue to be at earlier RLLR i.e. 9.40 per cent, as per the Canara Bank website. This rate cut will impact the home loan lenders of Canara Bank.

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7.90%

7.95%

8%

8.0