Canara Bank has raised the marginal cost of funds-based lending rate (MCLR) by 10 basis points across tenures with effect from Thursday.
Live TV
Loading...
The benchmark one-year MCLR, against which most of the consumer loans such as personal loans, auto loans and home are priced, has been raised to 7.50 percent with effect from July 7, 2022.
Here are the completes details of Canara Bank’s MCLR for different tenors
Tenor | MCLR |
Overnight MCLR | 6.75 percent |
One Month MCLR | 6.75 percent |
Three Months MCLR | 7.05 percent |
Six Months MCLR | 7.45 percent |
One Year MCLR | 7.50 percent |
Explained | MCLR: What is it? How does a hike impact you?
The official website of Canara Bank mentions that the MCLRS shall be applicable only to new loans/advances sanctioned/first disbursement made on or after July 7. Also, to those credit facilities which are renewed/reviewed/ reset undertaken and where the switchover to MCLR linked interest rate is permitted as per the borrower’s choice, on or after July 7.
The Repo Linked Lending Rate (RLLR) of the bank will also be raised to 7.80 percent from 7.30 percent effective from July 7, as per a Business Standard report.
Following the revision in repo rate by the RBI in a bid to control inflation, a series of banks such as the HDFC Bank, SBI, Axis Bank, ICICI and Indian Bank had raised their MCLR within last month.
However, with the withdrawal of liquidity from the banking system, several banks have hiked interest rates on term deposits to provide relief to customers. As per a Financial Express report, deposits saw a growth of 9.3 percent in the fortnight ended June 3.
(Edited by : Sudarsanan Mani)
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
Prajwal Revanna's father in custody for alleged kidnapping and sexual abuse
May 4, 2024 7:53 PM
Delhi, Indore, Surat and Banswara — why these are the most challenging domains for Congress internally
May 4, 2024 1:53 PM
Congress nominee from Puri Lok Sabha seat withdraws, citing no funds from party
May 4, 2024 12:00 PM
Lok Sabha Polls '24 | Rahul Gandhi in Rae Bareli, why not Amethi
May 4, 2024 9:43 AM