Canara Bank Raises MCLR By 10 Basis Points, Will Be Applicable From Today
Canara Bank Raises MCLR: There is big news for customers of the public sector Canara Bank. The loan you take out from Canara Bank will become expensive starting today, as the bank has raised the MCR (Marginal Cost of Lending Rate). The new rates taken effect today 7 July. Canara Bank has increased the Marginal Cost of Lending Rate (MCLR) or Marginal Cost of Lending Rate (MCLR) of the fund by 0.10 percent.
Canara Bank hikes one-year MCLR rate to 7.50 per cent
In the documents provided to exchanges, the bank announced that one year MCLR rate has been raised to 7.50 percent. This will take effect beginning on July 7. The rates for most consumer loans such as personal loans, auto loan and home loans are determined in accordance with the 1-year MCLR. The one-year MCLR rate for Canara Bank was 7.40 percent and has risen to 7.50 percent today.
Repo link of Canara Bank’s rate of loan has also been increased
The rates applicable to MCLR between one and six months are going to range from 6.75 and 7.45 percent. The rate of loan (RLLR) tied to repo rates of the bank was also raised by 7.30 and 7.30 to 7.80 percent. These rates will also be in effective on July 7, i.e. today.
Other banks also have increased their MCLR recently.
Following the recent increase in the repo rates by the Reserve Bank, many banks have increased their MCLR and increased the cost for customers to obtain loans. Prior to Canara Bank, many other banks like State Bank of India, Bank of Baroda, HDFC Bank, Union Bank of India Axis Bank have increased their MCLR.
