Canara Bank cuts MCLRs by 0.05-0.15 pc for various tenors

The overnight and one-month MCLR will be priced at 6.85 per cent each from 7.05 per cent and 7.35 per cent, respectively, at present. The new rates will come to effect from November 10, 2020, Indian Overseas Bank had said..

State-owned Canara Bank on Friday said it has cut the marginal cost of fund-based lending rates (MCLR) by 0.05-0.15 percent with effect from November 7. The one-year MCLR -- the benchmark for most of the consumer loans -- has been reduced by 0.05 percent to 7.35 percent from 7.40 percent currently, Canara Bank said in a regulatory filing.

The six-month MCLR too has been lowered by a similar quantum to 7.30 percent. Among others, the overnight and one-month MCLRs are cut by 0.15 percent each to 6.80 percent, while the three-month MCLR stands revised to 6.95 percent, against 7.10 percent. The new rates will come to effect from November 7, 2020, Canara Bank said.

On Thursday, Indian Overseas Bank had announced to cut the one, two, and three-year MCLRs by 0.05 percent each to 7.45 percent. The overnight and one-month MCLR will be priced at 6.85 percent each from 7.05 percent and 7.35 percent, respectively, at present.

The new rates will come to effect from November 10, 2020, Indian Overseas Bank had said.