Chennai: Canara Bank, a leading Public Sector Bank, has reduced its Marginal Cost of Funds Based Lending Rate (MCLR) on Loans / Advances across all tenors with effect from June 07, 2020. Bank has reduced interest rate by 20 basis points across all tenors i.e, one year, 6 months, 3 months, 1 month and Overnight tenors.
Accordingly, the tenor linked MCLRs of the Bank shall be as under with effect from 07.06.2020:
| Tenor | Interest Rate (in %) |
| Overnight MCLR | 7.30% |
| One-Month MCLR | 7.30% |
| Three- Month MCLR | 7.55% |
| Six-Month MCLR | 7.60% |
| One Year MCLR | 7.65% |
Repo Linked Lending Rate (RLLR) has been reduced by 40 basis points from 7.30% to 6.90% effective from 07.06.2020.
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