Canara Bank MCLR Rates, Canara Bank Base Rate – Feb 2019

Canara Bank MCLR Rate

Current MCLR rate of Canara Bank ranges from 8.30% to 8.70% varying by reset frequency of the loan. Canara Bank revises MCLR rates on a monthly basis and benchmark its interest rates for home loan and other loans to MCLR rates of different tenor.

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Tenure wise MCLR Canara Bank Rate Today
Overnight 8.30%
1 Month 8.35%
3 Month 8.45%
6 Month 8.55%
1 Year 8.70%
Canara Bank Base Rate 9.40%
Compare MCLR Base Rate Trend

Canara Bank Interest Rates

Canara Bank Interest Rates
Home Loan Interest Rates 8.75% * Floating Detail
Loan Against Property Rates 11.70% * Floating Detail
Personal Loan Interest Rates 13.00% to 14.00% Detail
Gold Loan Interest Rates 12.00% Detail
Fixed Deposit Interest Rates 5.75% to 7.00% Detail
Saving Account Interest Rates 4.00% to 4.00% Detail
RD Interest Rates 6.20% to 7.00% Detail

MCLR of Canara Bank

Canara Bank revises its MCLR rate on a monthly basis. Latest MCLR rates of Canara Bank as announced on 07 Feb 2019 are:

  • Overnight MCLR Rate is 8.30%. The rate was last revised on 07 Jan 2019 to 8.30% from 8.25%
  • 1 Month MCLR Rate is 8.35%. The rate was last revised on 07 Jan 2019 to 8.35% from 8.25%
  • 3 Month MCLR Rate is 8.45%. The rate was last revised on 07 Nov 2018 to 8.45% from 8.40%
  • 6 Month MCLR Rate is 8.55%. The rate was last revised on 07 Nov 2018 to 8.55% from 8.50%
  • 1 Year MCLR Rate is 8.70%. The rate was last revised on 07 Oct 2018 to 8.70% from 8.65%

Canara Bank MCLR Rate Trend

Date Canara Bank MCLR
07th Feb 19
Overnight : 8.30%
1 Month : 8.35%
3 Month : 8.45%
6 Month : 8.55%
1 Year : 8.70%
07th Jan 19
Overnight : 8.30%
1 Month : 8.35%
3 Month : 8.45%
6 Month : 8.55%
1 Year : 8.70%
07th Dec 18
Overnight : 8.25%
1 Month : 8.25%
3 Month : 8.45%
6 Month : 8.55%
1 Year : 8.70%
07th Nov 18
Overnight : 8.20%
1 Month : 8.25%
3 Month : 8.45%
6 Month : 8.55%
1 Year : 8.70%
07th Oct 18
Overnight : 8.20%
1 Month : 8.25%
3 Month : 8.40%
6 Month : 8.50%
1 Year : 8.70%
07th Sep 18
Overnight : 8.15%
1 Month : 8.20%
3 Month : 8.35%
6 Month : 8.45%
1 Year : 8.65%
07th Sep 18
Overnight : 8.15%
1 Month : 8.20%
3 Month : 8.35%
6 Month : 8.45%
1 Year : 8.65%
07th Aug 18
Overnight : 8.15%
1 Month : 8.20%
3 Month : 8.30%
6 Month : 8.40%
1 Year : 8.60%
07th Jul 18
Overnight : 8.05%
1 Month : 8.10%
3 Month : 8.30%
6 Month : 8.40%
1 Year : 8.50%
07th Jun 18
Overnight : 8.10%
1 Month : 8.15%
3 Month : 8.30%
6 Month : 8.40%
1 Year : 8.50%
07th May 18
Overnight : 8.00%
1 Month : 8.05%
3 Month : 8.25%
6 Month : 8.35%
1 Year : 8.45%
07th Apr 18
Overnight : 7.95%
1 Month : 8.00%
3 Month : 8.20%
6 Month : 8.30%
1 Year : 8.40%
07th Mar 18
Overnight : 7.95%
1 Month : 8.00%
3 Month : 8.20%
6 Month : 8.30%
1 Year : 8.40%
07th Feb 18
Overnight : 7.85%
1 Month : 7.90%
3 Month : 8.10%
6 Month : 8.15%
1 Year : 8.30%
07th Jan 18
Overnight : 7.85%
1 Month : 7.90%
3 Month : 8.10%
6 Month : 8.15%
1 Year : 8.30%
07th Dec 17
Overnight : 7.85%
1 Month : 7.90%
3 Month : 8.10%
6 Month : 8.15%
1 Year : 8.30%
07th Nov 17
Overnight : 7.90%
1 Month : 7.95%
3 Month : 8.10%
6 Month : 8.15%
1 Year : 8.30%
07th Oct 17
Overnight : 7.90%
1 Month : 8.00%
3 Month : 8.10%
6 Month : 8.15%
1 Year : 8.30%
07th Sep 17
Overnight : 7.90%
1 Month : 8.00%
3 Month : 8.10%
6 Month : 8.15%
1 Year : 8.30%
07th Aug 17
Overnight : 8.05%
1 Month : 8.10%
3 Month : 8.15%
6 Month : 8.30%
1 Year : 8.40%
07th Jul 17
Overnight : 8.05%
1 Month : 8.10%
3 Month : 8.15%
6 Month : 8.30%
1 Year : 8.40%
07th Jun 17
Overnight : 8.10%
1 Month : 8.15%
3 Month : 8.20%
6 Month : 8.35%
1 Year : 8.40%
07th May 17
Overnight : 8.15%
1 Month : 8.20%
3 Month : 8.25%
6 Month : 8.40%
1 Year : 8.45%
07th Apr 17
Overnight : 8.20%
1 Month : 8.25%
3 Month : 8.30%
6 Month : 8.40%
1 Year : 8.45%
07th Mar 17
Overnight : 8.20%
1 Month : 8.25%
3 Month : 8.30%
6 Month : 8.40%
1 Year : 8.45%
07th Feb 17
Overnight : 8.20%
1 Month : 8.25%
3 Month : 8.30%
6 Month : 8.40%
1 Year : 8.45%
07th Jan 17
Overnight : 8.20%
1 Month : 8.25%
3 Month : 8.30%
6 Month : 8.40%
1 Year : 8.45%
07th Dec 16
Overnight : 8.90%
1 Month : 8.95%
3 Month : 9.05%
6 Month : 9.10%
1 Year : 9.15%
01st Nov 16
Overnight : 9.05%
1 Month : 9.10%
3 Month : 9.20%
6 Month : 9.25%
1 Year : 9.30%
01st Oct 16
Overnight : 9.00%
1 Month : 9.10%
3 Month : 9.20%
6 Month : 9.30%
1 Year : 9.35%
01st Aug 16
Overnight : 9.00%
1 Month : 9.10%
3 Month : 9.20%
6 Month : 9.30%
1 Year : 9.35%
01st Jul 16
Overnight : 9.00%
1 Month : 9.10%
3 Month : 9.20%
6 Month : 9.30%
1 Year : 9.35%
01st Jun 16
Overnight : 9.00%
1 Month : 9.10%
3 Month : 9.15%
6 Month : 9.20%
1 Year : 9.35%
01st May 16
Overnight : 8.80%
1 Month : 9.10%
3 Month : 9.20%
6 Month : 9.25%
1 Year : 9.35%
01st Apr 16
Overnight : 9.00%
1 Month : 9.25%
3 Month : 9.35%
6 Month : 9.40%
1 Year : 9.45%
  • Effective 1st April 2016, Canara Bank has been directed by RBI to fix its loan interest rates benchmarked to MCLR rate which is based on its marginal cost of funds. Earlier, the bank fixed its loan interest rates to Base Rate, which was based on total cost of funds of the bank. Canara Bank MCLR rates for different tenors range from 8.30% to 8.70%.
  • RBI allows banks to set their own MCLR Rate based on their marginal cost of funds which means the cost of raising new funds for the bank. So, Canara Bank decides and announces its MCLR rate regularly based on prescribed formula and policy rate changes by RBI in its monetary policy.
  • Note that the RBI does not decide the MCLR Rate of any bank. RBI only announces the repo rate, which influences the cost of raising new funds for the bank. Banks may or may not decide to change their MCLR rate in response to changes in the repo rate. For instance, Canara Bank may decide to bring a lower cut in their MCLR rate compared to a Repo Rate cut. If RBI cuts the repo rate by 50 basis points or 0.5%, Canara Bank may decide to cut its 1 Year MCLR rate only by 0.25% based on its internal funding and liquidity position. Hence, it is important to compare the MCLR rate change of Canara Bank with that of RBI Repo Rate and MCLR Rate changes of other banks before taking a decision to take a loan from Canara Bank.
  • MCLR rate can be revised by Canara Bank every month. However, it is not mandatory for Canara Bank to revise its rate every month and it may choose to retain the same rate for a longer period keeping them unchanged.

Canara Bank Home Loan Interest Rate and MCLR

  • Every floating rate loan sanctioned by Canara Bank is benchmarked to its MCLR Rate for a particular tenure, say 1 month or 3 month or 6 months.
  • Shorter duration loans such as cash credit, OD facility, personal loans are linked to short tenure MCLR rate while longer duration loans such as home loan, loan against property, vehicle loan are linked to longer duration MCLR rates.
  • The applicable rate of interest on a floating rate loan will consist of two parts - the applicable benchmark rate and the spread or margin above the benchmark.
  • Your loan from Canara Bank will be repriced periodically depending upon the tenure of the MCLR to which it is linked. Canara Bank home loan rate is benchmarked to 1 Year MCLR Base Rate which will be repriced after 1 Year. Say, you take a loan from Canara Bank at current 1 Year MCLR rate of 8.70% plus spread of 20 bps. So, the loan will initially be priced at 8.9%. Its next re-pricing will be done after 1 Year from now. If the 3 Month MCLR rate after 1 Year increases by 10 bps, the loan will be priced at 9% for the next period.
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    About Canara Bank

    • Canara Bank's registered office is located at 112, J.C.Road, Bangalore-560002 .
    • Canara Bank's management is led by its CEO Mr. Rakesh Sharma.
    • Its current Base Rate is 10.25%, which was last revised on 05th Oct 15.
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    Canara Bank News - Feb 2019
    • 2019-01-08 : Canara Bank raises MCLR by 5 basis points
      Canara Bank has raised its Marginal Cost of Funds Based Lending Rate (MCLR) by 5 basis points across all tenure for the month of January. It will make retail loans costlier for the customers. Now six-month MCLR stands at 8.55% and that of one year at 8.70%. The revised rates are effective from January 7, 2019.
    • 2018-10-08 : Canara Bank raises MCLR for October
      Canara Bank has raised the Marginal cost of funds based lending rate (MCLR) by 5 basis point or 0.05% across tenors. The six-month MCLR has been increased to 8.50% from 8.45% and that of one year is 8.70% from 8.65%. The revised rates are effective from October 7, 2018.
    • 2018-08-07 : Canara Bank revises MCLR for August
      Canara Bank has revised MCLR for the month of August by upto 10 basis points. The rates continue to be in the range of 8.15% to 8.60%. The new rates for Six months MCLR is now at 8.40% and that of one year is 8.60%. The new rates are effective from August 7, 2018.
    • 2018-05-08 : Canara bank hikes MCLR by 5bps
      Canara Bank has hiked its MCLR of all tenors. The rates are in the range of 8.00% to 8.45%. The new rates are effective from May 7.
    • 2018-04-10 : Canara bank maintains MCLR
      Canara Bank has maintained its MCLR of all tenors. The rates are in the range of 7.95% to 8.40%. The new rates are effective from April 7.
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