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Canara Bank MCLR Rates, Canara Bank Base Rate – Jan 2022

Canara Bank MCLR Rate

Last Updated 17th Jan 2022

Current MCLR rate of Canara Bank ranges from 6.55% to 7.25% 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 tenors.

Tenure wise MCLR Canara Bank Rate Today
Overnight 6.55%
1 Month 6.55%
3 Month 6.85%
6 Month 7.20%
1 Year 7.25%
Canara Bank Base Rate 9.40%
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Canara Bank Interest Rates

Canara Bank offers the following loans to its customer on these rates currently:

Home Loan Interest Rates 6.90% * Floating Detail
Loan Against Property Rates 9.95% * Floating Detail
Personal Loan Interest Rates 12.40% to 13.90% Detail
Gold Loan Interest Rates 7.35% to 7.35% Detail
Fixed Deposit Interest Rates 2.90% to 5.25% Detail
Saving Account Interest Rates 2.90% to 3.20% Detail
RD Interest Rates 4.40% to 5.25% 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 Jan 2022 are:

  • Overnight MCLR Rate is 6.55%.
  • 1 Month MCLR Rate is 6.55%.
  • 3 Month MCLR Rate is 6.85%.
  • 6 Month MCLR Rate is 7.20%.
  • 1 Year MCLR Rate is 7.25%.
  • 2 Year MCLR Rate is 0.00%.
  • 3 Year MCLR Rate is 0.00%.
  • 5 Year MCLR Rate is 0.00%.

Canara Bank MCLR Rate Trend

Date Canara Bank MCLR
07th Jan 22 Overnight : 6.55%
1 Month : 6.55%
3 Month : 6.85%
6 Month : 7.20%
1 Year : 7.25%
07th Dec 21 Overnight : 6.55%
1 Month : 6.55%
3 Month : 6.85%
6 Month : 7.00%
1 Year : 7.10%
07th Nov 21 Overnight : 6.55%
1 Month : 6.55%
3 Month : 6.85%
6 Month : 7.20%
1 Year : 7.25%
07th Oct 21 Overnight : 6.55%
1 Month : 6.55%
3 Month : 6.85%
6 Month : 7.20%
1 Year : 7.25%
06th Oct 21 Overnight : 6.55%
1 Month : 6.55%
3 Month : 6.95%
6 Month : 7.30%
1 Year : 7.25%
07th Sep 21 Overnight : 6.70%
1 Month : 6.70%
3 Month : 6.95%
6 Month : 7.30%
1 Year : 7.35%
07th Feb 21 Overnight : 6.70%
1 Month : 6.70%
3 Month : 6.95%
6 Month : 7.30%
1 Year : 7.35%
  • 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 6.55% to 7.25%.
  • 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 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.
  • As per the latest regulations given by RBI, with effect from April 1, 2019, all floating interest rates on retail loans are to be linked to external benchmark lending rates. These could be the RBI's repo rate, three-month treasury bill yield, six-month treasury bill yield or other benchmark rate published by the Financial Benchmarks India Pvt Ltd.This was done in view to promote the easier transmission of reduced interest rates to customers, which was not well done when rates were linked to MCLR.

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.

Compare Canara Bank MCLR Rates with Other Banks

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. Lingam Venkat Prabhakar.
  • Its current Base Rate is 9.40%, which was last revised on 01st Apr 17.

FAQs

What is the MCLR of Canara Bank?

Canara Bank MCLR ranges between 6.55% to 7.25% for a tenure ranging between 1 month to 5 years.

What is the current Canara Bank MCLR rate?

Current Canara Bank, overnight tenure is 6.55%, 1 month mclr is 6.55% , three month mclr is 6.85%, six month mclr is 7.20%, one year tenure is 7.25% and two year tenure is 0.00%.

What is Canara Bank base rate?

Currently, Canara Bank offers loans at a base rate of 9.40%.


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Canara Bank News - Jan 2022
  • 2022-01-07 : Canara Bank Revises MCLR Rates for Different Tenures
    Canara bank has revised the Marginal Cost of Lending Rates for different tenures. MCLR is 6.55% for overnight and one month, 6.85% for three months, 7.20% for six months and 7.25% for one year.
  • 2021-12-07 : Canara Bank Revises MCLR Rates
    Canara Bank has revised the Marginal Cost of Lending Rates for different tenures. For overnight and one month, MCLR is 6.55%. MCLR stands at 6.85% and 7.20% for three months and six months. In addition, MCLR stands at 7.10% for one year.
  • 2021-07-15 : Syndicate Bank merged with Canara Bank - IFSC and SWIFT code changed
    After the merger of Syndicate and Canara Bank, the IFSC codes for erstwhile Syndicate Bank customers will be changed from July 1 this year. Existing Syndicate Bank customers will have to use their new IFSC codes for online transactions through NEFT, RTGS or IMPS routes.
  • 2021-02-09 : Canara Bank revised its MCLR
    Canara Bank revised its MCLR, with effect from 7 february 2021. The overnight and one- month MCLR is 6.70%. The MCLR three months and six months 7.95% and 7.30%. Further, MCLR for one year is 7.35%.
  • 2020-09-14 : New Marginal cost of lending rate for Canara Bank
    With effect from 7 September 2020, Canara Bank revised its MCLR. The overnight and one- month MCLR is 6.95%. The MCLR three months and six months 7.10% and 7.35%. Further, MCLR for one year is 7.40%.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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