Public sector lender Canara Bank on Thursday announced that it has reduced its Marginal Cost of Funds based Lending Rates (MCLR) on loans and advances across all tenors with effect from February 7.
In a press statement, the bank said it has reduced the interest rates on overnight, one, three and six month loan tenors by 25 basis points. Consequently, the revised MCLR for overnight and one-month tenor stands at 7.65 per cent and 7.95 per cent for three-month tenor.
While the six-month MCLR stands at 8.10 per cent, the bank has reduced the interest rates by 15 basis points for one-year tenor to be fixed at 8.20 per cent.