Canara Bank MCLR Rates, Canara Bank Base Rate – Sep 2017
Last Updated 25th Sep 2017
Canara Bank MCLR Rate – Current Rate, Past Trend
Current MCLR of Canara Bank ranges from 7.90% to 8.30% depending on the reset frequency of the loan. Rates are revised every month.
| Canara Bank MCLR, Base Rate | Tenure |
|---|---|
| 7.90% | Overnight |
| 8.00% | 1 Month |
| 8.10% | 3 Month |
| 8.15% | 6 Month |
| 8.30% | 1 Year |
| Base rate - 9.40% | Past Trend |
Canara Bank Interest Rates
| Home Loan Interest Rates | 8.65% * Floating | Detail |
| Loan Against Property Rates | 11.45% * Floating | Detail |
| Personal Loan Interest Rates | 13.65% * | Detail |
| Fixed Deposit Interest Rates | 4.20% to 6.75% * | Detail |
Past Trend MCLR Rate of Canara Bank
Canara Bank MCLR Rate History
Revised
Date
Date
Overnight MCLR
1 Month MCLR
3 Month MCLR
6 Month MCLR
1 Year
MCLR
MCLR
2 Year
MCLR
MCLR
3 Year
MCLR
MCLR
5 Year
MCLR
MCLR
07th Sep 17
7.90%
8.00%
8.10%
8.15%
8.30%
-
-
-
07th Aug 17
8.05%
8.10%
8.15%
8.30%
8.40%
-
-
-
07th Jul 17
8.05%
8.10%
8.15%
8.30%
8.40%
-
-
-
07th Jun 17
8.10%
8.15%
8.20%
8.35%
8.40%
-
-
-
07th May 17
8.15%
8.20%
8.25%
8.40%
8.45%
-
-
-
07th Apr 17
8.20%
8.25%
8.30%
8.40%
8.45%
-
-
-
07th Mar 17
8.20%
8.25%
8.30%
8.40%
8.45%
-
-
-
07th Feb 17
8.20%
8.25%
8.30%
8.40%
8.45%
-
-
-
07th Jan 17
8.20%
8.25%
8.30%
8.40%
8.45%
-
-
-
07th Dec 16
8.90%
8.95%
9.05%
9.10%
9.15%
-
-
-
01st Nov 16
9.05%
9.10%
9.20%
9.25%
9.30%
-
-
-
01st Oct 16
9.00%
9.10%
9.20%
9.30%
9.35%
-
-
-
01st Aug 16
9.00%
9.10%
9.20%
9.30%
9.35%
-
-
-
01st Jul 16
9.00%
9.10%
9.20%
9.30%
9.35%
-
-
-
01st Jun 16
9.00%
9.10%
9.15%
9.20%
9.35%
-
-
-
01st May 16
8.80%
9.10%
9.20%
9.25%
9.35%
-
-
-
01st Apr 16
9.00%
9.25%
9.35%
9.40%
9.45%
-
-
-
Canara Bank MCLR Base Rate Vs. RBI
- RBI requires banks to set their own MCLR Rate based on their marginal cost of funds. So, Canara Bank decides its own MCLR Rate from time to time based on prescribed guidelines and formula of RBI
- Note that the RBI does not decide the MCLR Rate of any bank
- Effective 1st April 2016, the minimum base rate is determined based on marginal cost of funds and not on overall cost of funds. Canara Bank has different MCLR base rates ranging from 7.90% to 8.30% for different tenures
Changes in MCLR of Canara Bank
- MCLR rate can be revised by Canara Bank every month
- Note that 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
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, overnight loans) are linked to shorter duration 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. So, a home loan linked to 1 year MCLR rate of Canara Bank will be repriced every year. Say, you take a loan at 1 year MCLR plus 50 bps spread when the 1 year MCLR is 9.45%. This loan will initially be priced at 9.95%. Its next re-pricing will be one year from now. If the 1 year MCLR rate after one year is 9.2%, the loan will be priced at 9.7% for the next year
Past trend of Canara Bank Base Rate vs RBI Repo Rate
| Date | RBI Rates | Bank Rates |
|---|---|---|
| 02nd Aug 17 | 0.25% | |
| 01st Apr 17 | 9.40% 0.25% | |
| 04th Oct 16 | 0.25% | |
| 05th Apr 16 | 0.25% | |
| 07th Oct 15 | 9.65% 0.25% | |
| 29th Sep 15 | 0.5% | |
| 03rd Sep 15 | 9.90% 0.1% | |
| 02nd Jun 15 | 0.25% | |
| 11th May 15 | 10.00% 0.2% | |
| 04th Mar 15 | 0.25% | |
| 15th Jan 15 | 0.25% | |
| 28th Jan 14 | 0.25% | |
| 01st Jan 14 | 10.20% 0.25% | |
| 29th Oct 13 | 0.25% | |
| 20th Sep 13 | 0.25% | |
| 08th Jul 13 | 9.95% 0.3% | |
| 03rd May 13 | 0.25% | |
| 19th Mar 13 | 0.25% | |
| 04th Feb 13 | 10.25% 0.25% | |
| 29th Jan 13 | 0.25% | |
| 01st May 12 | 10.50% 0.25% | |
| 17th Apr 12 | 0.5% | |
| 25th Oct 11 | 0.25% | |
| 16th Sep 11 | 0.25% | |
| 01st Aug 11 | 10.75% 0.5% | |
| 26th Jul 11 | 0.5% | |
| 01st Jul 11 | 10.25% 0.25% | |
| 16th Jun 11 | 0.25% | |
| 05th May 11 | 10.00% 0.5% | |
| 03rd May 11 | 0.5% | |
| 17th Mar 11 | 0.25% | |
| 04th Feb 11 | 9.50% 0.5% | |
| 25th Jan 11 | 0.25% | |
| 13th Dec 10 | 9.00% 0.5% | |
| 02nd Nov 10 | 0.25% | |
| 01st Oct 10 | 8.50% 0.5% | |
| 16th Sep 10 | 0.25% | |
| 27th Jul 10 | 0.25% | |
| 02nd Jul 10 | 0.25% | |
| 01st Jul 10 | 8.00% |
Canara Bank Base Rate Vs. RBI Repo Rate Trend
About Canara Bank
- Canara Bank is a Public Sector Bank in India with 5,682 branches, 8,533 ATM's across the country.
- Canara Bank's registered office is located at 112, J.C.Road, Bangalore-560002 .
- For the year ended 31st Mar 15, the bank reported Net Interest Income of Rs. 9,664 crs. and Standalone net profit of Rs. 2,703 crs. Canara Bank reported total deposits of Rs. 473,840 crs and total advances of Rs. 330,036 crs.
- Canara Bank's management is led by its CEO Mr. Rakesh Sharma.
- Its current Base Rate is 9.40%, which was last revised on 01st Apr 17.
