New Delhi: Canara Bank has cut its MCLR (marginal cost of funds based lending rate) for loans and advances for all tenors in the range of 15-25 basis points.
The new rates have been made effective from 7th February, 2020.
The bank has cut the interest rates by 25 basis points for overnight, one month, three month and six month tenors. It has cut the rates by 15 basis points for one-year tenor.
Hence, the new rates for overnight and one-month loans have become 7.65 percent and 7.95 percent for three months tenor. For six months tenor, the new rate is 8.10 percent and for one year tenor the rate is 8.20 percent.
The decision by Canara Bank has come soon after the Reserve Bank of India decided to let the Repo Rate unchanged in its monetary policy review earlier this week.
Country’s largest lender State Bank of India also cut its MCLR this week.