Good news for Canara Bank loan borrowers! Repo-linked lending rate cut by 40 bps to 6.9 pc
All new retail loans (housing, education, vehicle), credit to MSMEs are linked to RLLR.
In a major development, state-owned Canara Bank on Saturday announced reduction in its repo-linked lending rate (RLLR) by 40 basis points (bps) to 6.90 per cent. Meanwhile, the Bengaluru-based bank also slashed its marginal cost of fund-based lending rate (MCLR) by 20 basis points across various tenors. The revised lending rates will be effective from June 7, Canara Bank said in a statement.
All new retail loans (housing, education, vehicle), credit to MSMEs are linked to RLLR.
Many banks have passed on the benefit of reduction in 40 bps in repo rate announced by the Reserve Bank of India in May through cuts in their RLLR.
Recently, some lenders, including Punjab National Bank, Bank of India and UCO Bank, slashed their lending rates linked to repo rate by 40 bps.
With the reduction, it said the one-year MCLR has been revised down to 7.65 per cent from existing 7.58 per cent. For six months, the rate has been reduced to 7.60 per cent.
Overnight and one-month MCLRs have been reduced by 20 basis points to 7.30 per cent each. Six-month MCLR has been revised to 7.55 per cent from 7.75 per cent.
The reduction in MCLR will bring down burden on borrowers.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Shares to buy for long term: Analysts recommend buying 10 largecap, 1 midcap, 1 smallcap scrips; note down targets
15X15X15 And 555 Rules: How these 2 SIP strategies can help you generate up to Rs 5.28 cr retirement corpus
5 Stocks to BUY for 15 Days: Brokerage suggests buying 4 largecap, 1 midcap stocks for solid returns - Check targets, stop loss
02:12 PM IST