Canara Bank Base Rate, Canara Bank MCLR Base Rate Past Trend

Current Canara Bank MCLR Base Rate

Last Updated 28th Nov 2016
Tenure Base Rate, MCLR
Overnight 9.05%
1 Month 9.10%
3 Month 9.20%
6 Month 9.25%
1 Year 9.30%
Current MCLR base rate of Canara Bank ranges from 9.05% to 9.30% depending on the reset frequency of the loan. Rates are revised every month.
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Canara Bank Interest Rates
Home Loan Interest Rates 9.50% * Floating
Loan Against Property Rates 12.30% * Floating
Personal Loan Interest Rates 13.65% *

Past Trend Base Rate of Canara Bank

SBI base rate history
Revised Date
Overnight MCLR
1 Month MCLR
3 Month MCLR
6 Month MCLR
1 Year MCLR
2 Year MCLR
3 Year MCLR
5 Year MCLR
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 base rate Vs. RBI

  • RBI requires banks to set their own MCLR base rate based on their marginal cost of funds. So, Canara Bank decides its own base rate from time to time based on prescribed guidelines and formula of RBI
  • Note that the RBI does not decide the MCLR base 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 9.05% to 9.30% for different tenures

Changes in MCLR Base rate 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 base 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 Base Rate
04th Oct 16: 0.25% repo cut by RBI
05th Apr 16: 0.25% repo cut by RBI
07th Oct 15 9.65% decreased by 0.25%
29th Sep 15: 0.5% repo cut by RBI
03rd Sep 15 9.90% decreased by 0.1%
02nd Jun 15: 0.25% repo cut by RBI
11th May 15 10.00% increased by 2%
04th Mar 15: 0.25% repo cut by RBI
15th Jan 15: 0.25% repo cut by RBI
28th Jan 14: 0.25% repo hike by RBI
01st Jan 14 10.20%
18th Dec 13: 0% repo none by RBI
29th Oct 13: 0.25% repo hike by RBI
20th Sep 13: 0.25% repo hike by RBI
08th Jul 13 9.95% decreased by 0.25%
03rd May 13: 0.25% repo cut by RBI
19th Mar 13: 0.25% repo cut by RBI
04th Feb 13 10.25% increased by 0.3%
29th Jan 13: 0.25% repo cut by RBI
01st May 12 10.50% increased by 0.25%
17th Apr 12: 0.5% repo cut by RBI
25th Oct 11: 0.25% repo hike by RBI
16th Sep 11: 0.25% repo hike by RBI
01st Aug 11 10.75% increased by 0.25%
26th Jul 11: 0.5% repo hike by RBI
01st Jul 11 10.25% decreased by 0.5%
16th Jun 11: 0.25% repo hike by RBI
05th May 11 10.00% decreased by 0.25%
03rd May 11: 0.5% repo hike by RBI
17th Mar 11: 0.25% repo hike by RBI
04th Feb 11 9.50% decreased by 0.5%
25th Jan 11: 0.25% repo hike by RBI
13th Dec 10 9.00% decreased by 0.5%
02nd Nov 10: 0.25% repo hike by RBI
01st Oct 10 8.50% decreased by 0.5%
16th Sep 10: 0.25% repo hike by RBI
27th Jul 10: 0.25% repo hike by RBI
02nd Jul 10: 0.25% repo hike by RBI
01st Jul 10 8.00% decreased by 0.5%

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.
  • Highest fixed deposit interest offered by Canara Bank is 7.40% per annum on deposits.
  • Its current Base Rate is 9.65%, which was last revised on 07th Oct 15.
News - Dec 2016
26th Jul 16 Canara Bank Q1 profit tanks 52% to Rs 229 cr
As per the results of Q1FY17, Canara Bank reported a decline of 52.2 percent in its Net Profit to Rs 229 Crore. Net Interest Income of the bank declined by 8.3 percent to Rs 2,307.4 Crore in the quarter ended June 2016 from Rs 2,516.5 Crore in year-ago period due to weak loan growth. Advances declined by 0.9 percent to Rs 3.21 lakh Crore while deposits declined by 1.4 percent to Rs 4.65 lakh Crore when compared on yoy basis . Other income (non-interest income) increased by 42.4 percent to Rs 1,584.65 crore while operating profit fell 9.2 percent to Rs 1,819 Crore when compared on yearly basis. Provisions for bad loans increased sharply by 76.4 percent sequentially to Rs 1,492.92 crore but increased 9.8 percent on yearly basis. Asset quality showed sign of weaking as Gross NPA increased 31 basis points sequentially to 9.71 percent and Net NPA increased by 27 basis points to 6.69 percent in June quarter.
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