Canara Bank reduces lending rates for a period of three years, two years, three years

Canara Bank has reduced its marginal cost of money-based loan rates for effective customers for two years and three-year tenors from Wednesday night.

The MCLR is the minimum interest rate that a bank can lend, and is an internal benchmark based on the cost of the bank’s amount.

Overnight MCLR has been revised up to 8.30% from the current rate of 8.35%. According to an exchange filing on Tuesday, the bank has come down from 9.35% to 9.25%.

For a three -year loan period, the public sector bank reduced the rate from 9.45% to 9.30%. The rates of one month, three months, six months and one year tenors are unchanged at 8.35%, 8.55%, 8.90% and 9.10% respectively.