Home / Money / Personal Finance /  Canara Bank hikes MCLR, revises repo-linked rates from 7 Nov; EMIs to go up
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Bangalore-based Canara Bank has hiked its marginal cost of funds-based lending rates (MCLR) by 15 bps to 20 bps with effect from November 7. Also, the bank's interest rates of all retail lending schemes linked with the repo rate have been revised from Monday onward. Canara Bank's 1-year MCLR is at 8.10%, while repo linked lending rate (RLLR) is at 8.80% now. That being said, EMIs have gone up on term loans.

As per the regulatory filing, Canara Bank hiked 1-year MCLR by 20 bps to 8.10% effective from November 7, compared to the previous 7.90%. While a similar hike has been made in the six-month MCLR to 8% from the previous 7.80%.

Also, a 20 bps hike is made on MCLR for tenures like overnight and one-month MCLR to 7.25% each from the previous 7.05% each.

On the other hand, the bank hiked the three-month MCLR by 15 bps to 7.55% from the previous 7.40%.

As per the Canara Bank website, the RLLR of the bank is set at 8.8% effective from November 7.

Check out revised home loan rates:

It needs to be noted that Canara Bank's interest rates on loans are based on Credit Risk Grading (CRG) levels from 1 to 4.

For women borrowers, home loan rates under RLLR is set at 8.55% for CRG-1, at 8.85% for CRG-2, at 9.25% for CRG-3, and at 10.75% for CRG-4.

On the other hand, for other borrowers, the home loan rate is at 8.60% for CRG-1, at 8.90% for CRG-2, at 9.30% for CRG-3, and at 10.80% for CRG-4 levels.

Notably, the bank's home loan interest rate is 5 bps lower for women borrowers than compared to others. Also, as per the website, for CRG-1 level borrowers (including both women and others), the bank is giving a concession of 0.25%.

However, the bank said the concession will be applicable to only Low-Risk Borrowers where new housing loans (all variants) are sanctioned and disbursed during the period i.e., from October 1 to December 31, 2022.

Also, for housing loans under commercial real estate (3rd and subsequent dwelling unit), the rate will be above by +0.5%.

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