Canara Bank Interest Rate Hike: Canara Bank hikes interest rates on loans: Check details

Canara Bank has raised loan interest rates for various rate regimes. Marginal cost-based lending rates (MCLR) were changed for the six-month and one-year tenures. MCLR for these tenures were hiked to 7.35 percent from 7.30 percent and 7.40 percent from 7.35 percent, respectively. MCLR rates of other tenures remain unchanged.

Source: BSE

According to the Canara Bank website, “The above MCLR is applicable only to new loans/advances sanctioned first disbursement made on or after June 7, 2022 and those credit facilities renewed, reviewed, reset undertaken and where switchover to MCLR linked interest rate is permitted at the option of the borrower, on or after June 7, 2022.”
The bank has also revised rates of interest of all Retail Lending Schemes are linked to repo linked lending rate (RLLR) to 7.30% with effect from June 7, 2022.

The hike in lending rates will result in higher EMIs depending on the appropriate benchmarks.

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