Public sector Canara Bank on Friday announced a 5 basis point (0.05 percentage point) hike in its marginal cost-based lending rate (MCLR) across all tenors, making most consumer loans costlier. The benchmark one-year tenor MCLR, used to price most consumer loans such as auto and personal, will be 9 per cent from the earlier rate of 8.95 per cent, Canara Bank said in a regulatory filing, PTI reported.
MCLR for overnight period will be 8.25%
According to the news, according to Canara Bank, the three-year MCLR will be 9.40 percent with an increase of 5 basis points, while the two-year MCLR will be 9.30 percent. Apart from this, the rates for one month, three months and six months will be in the range of 8.35-8.80 percent. The MCLR on the overnight period will be 8.25 percent as against 8.20 percent. The new rates will be effective from August 12, 2024. This increase comes a day after the RBI kept its benchmark lending rate unchanged at 6.5 percent for the ninth consecutive time.
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