Canara Bank, a Bengaluru-based public sector bank, has reduced its marginal cost of funds based lending rate (MCLR) on loans/advances across all tenors with effect from April 7 for the amalgamated entity (Canara-Syndicate), said a release from the bank.

The bank has reduced interest rate by 35 basis points under one-year tenor; 30 basis points under six-months tenor; 20 basis points under three-months tenor and 15 basis points under Overnight and one-month tenors.

Accordingly, the tenor linked MCLRs of the bank shall be as under with effect from April 7: Overnight MCLR – interest rate 7.50 per cent. One-month MCLR – interest rate 7.50 per cent. Three-month MCLR – interest rate 7.75 per cent. Six month MCLR – interest rate 7.80 per cent. And one year MCLR – interest rate 7.85 per cent.

Repo Linked Lending Rate (RLLR) has been reduced by 75 basis points from 8.05 per cent to 7.30 per cent also effective from April 7.