New Delhi: Canara Bank has slashed Repo Linked Lending Rate by 75 basis points with effect from 7 April, 2020. Te new rate will be 7.30 percent, down from 8.05 percent.
The bank has also slashed its Marginal Cost of Funds Based Lending Rate (MCLR) for all loans and across all tenors. The bank has cut interest rate by 0.35 percentage points for one-year tenor, 0.30 percetntage points for six-months tenor, 0.20 percentage points for three-months tenor and 0.15 percentage points for overnight and one month tenors.
The reduction in MCLR will also be effective from 7 April, 2020, the bank said in a statement. The bank has been merged with Syndicate Bank.