![Canara Bank raises lending rate by 5 basis points across tenure Canara Bank raises lending rate by 5 basis points across tenure](https://images.cnbctv18.com/wp-content/uploads/2022/07/Canara-Bank-Shutterstock-1019x573.jpg?impolicy=website&width=590&height=264)
State-owned Canara Bank on Thursday announced a hike in the benchmark lending rate by 5 basis points across tenure, a move that will make loans costlier.
The revised marginal cost of funds-based lending rate (MCLR) across various tenors would be effective from November 12, Canara Bank said in a regulatory filing.
The benchmark one-year MCLR will be 8.75% against the existing rate of 8.70%. The one-year rate is used to fix most consumer loans such as auto, personal and home loans.
The overnight, one-month, three-month and six-month MCLRs are also raised by 5 basis points each, it said.
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