Home / Industry / Banking /  Canara Bank home loan EMIs to fall as bank slashes MCLR by up to 30 bps

Canara Bank has slashed its marginal cost of fund-based lending rate (MCLR) by up to 30 basis points across various tenors.

The overnight and one-month lending rates have been cut by 20 basis points (bps) to 7 per cent each. The three-month MCLR has been revised to 7.15 per cent from 7.45 per cent, Canara Bank said in a regulatory filing.

The six-month MCLR has been cut to 7.40 per cent from 7.50 per cent, the bank said. The one-year MCLR has been revised to 7.45 per cent from 7.55 per cent earlier.

The revised lending rates will be effective from August 7, Canara Bank said.

Canara Bank revised MCLR rates effective 7 August

Overnight MCLRm - 7.00%

One Month MCLR - 7.00%

3 Three Month MCLR - 7.15%

Six Month MCLR- 7.40%

One year MCLR- 7.45%

The reduction in Canara Bank's lending rate will make EMIs on home and other loans tied to its marginal cost of funds based lending rate cheaper.

On Wednesday, the bank reported a net profit to 406.24 crore for the three months ending June on the back of a rise in net interest income (NII) and other income.

The Reserve Bank of India (RBI) today kept the interest rates unchanged at 4 per cent, but maintained an accommodative stance.

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