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Canara Bank slashes Interest rates on loans, advances

MUMBAI, July 06, 2020: Canara Bank has reduced its Marginal Cost of Funds Based Lending Rate (MCLR) on loans and advances across all tenors with effect from July 07, 2020. The Bank has reduced interest rate by 10 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 07.07.2020:

Tenor

Interest Rate (in %)

Overnight MCLR

7.20%

One-Month MCLR

7.20%

Three- Month MCLR

7.45%

Six-Month MCLR

7.50%

One Year MCLR

7.55%

Repo Linked Lending Rate (RLLR) continues to be at 6.90%.

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