Canara Bank raises MCLR by 10 basis points

Canara Bank has raised the marginal cost of funds based lending rate by 10 basis points across tenors with effect from Thursday.

The benchmark one-year MCLR, against which most of the consumer loans such as auto, personal and home are priced, has been raised to 7.50 per cent with effect from July 7, the bank said in a regulatory filing.

The existing one-year MCLR is 7.40 per cent.

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Among other MCLRs from overnight to six-month tenors, the new rates will be in the range of 6.75-7.45 per cent.

The Repo Linked Lending Rate (RLLR) of the bank will be raised to 7.80 per cent from 7.30 per cent. This will also be effective from July 7.