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Canara Bank slashes interest rate to 7%

Repo Linked Lending Rate continues to be at 6.90%. 

HYDERABAD, Aug 7, 2020: Canara Bank has reduced its Marginal Cost of Funds Based Lending Rate (MCLR) on Loans and Advances across all tenors with effect from August 07, 2020. Bank has reduced interest rate by 10 basis points under one year and 6 month tenor, 30 basis points under 3 month tenor and 20 basis points under Overnight and one month tenors.

 

Accordingly, the tenor linked MCLRs of the Bank shall be as under with effect from 07.08.2020:

 

Tenor

Interest Rate (in %)

Overnight MCLR

7.00%

One-Month MCLR

7.00%

Three- Month MCLR

7.15%

Six-Month MCLR

7.40%

One Year MCLR

7.45%


 

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

 

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