Canara Bank lowers interest rates on loans by 10 bps

Canara Bank has reduced marginal cost of funds-based lending rate (MCLR) on loans and advances across all tenors with effect from July 7. The interest rate has come down by 10 basis points (bps).

Accordingly, MCLRs of the bank shall vary between 7.20 per cent for overnight loans/advances and 7.55 per cent for one-year loans/advances.

The repo-linked lending rate continues to be 6.90 per cent.

After the amalgamation of Syndicate Bank into Canara Bank on April 1, 2020, it has attained the position of 4th largest public sector bank with a business of Rs 15,53,792 crore. It now has 10,403 domestic branches, 13,448 ATMs and around 6,000 Business Correspondents.