Canara Bank Inches Up Loan Rates Post-RBI Standstill
Canara Bank has increased its marginal cost of funds-based lending rate (MCLR) by 5 basis points, affecting most consumer loans. The one-year MCLR is now 9.05%, while other tenors range from 8.30% to 8.85%. This follows RBI's decision to maintain its lending rate at 6.5%.
- Country:
- India
In a recent development, state-owned Canara Bank has raised its marginal cost of funds-based lending rate (MCLR) by 5 basis points, resulting in increased costs for most consumer loans.
The benchmark one-year MCLR, commonly applied to auto and personal loans, will now stand at 9.05%, up from 9%. Canara Bank disclosed this in a regulatory filing.
Other MCLR rates for tenors ranging from one month to six months are set between 8.40% and 8.85%, with the overnight rate adjusted to 8.30%. The new rates will be effective from October 12, 2024, following the RBI's decision to keep its own lending rate steady at 6.5% for the ninth time.
(With inputs from agencies.)
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- Canara Bank
- MCLR
- lending rate
- consumer loans
- interest rate
- RBI
- finance
- loan hike
- economy
- banking
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