State-owned Canara Bank on Friday said it has cut the marginal cost of fund based lending rates (MCLR) by 0.05-0.15 per cent with effect from November 7.

The one-year MCLR -- the benchmark for most of the consumer loans -- has been reduced by 0.05 per cent to 7.35 per cent from 7.40 per cent currently, Canara Bank said in a regulatory filing.

The six-month MCLR too has been lowered by a similar quantum to 7.30 per cent. Among others, the overnight and one-month MCLRs are cut by 0.15 per cent each to 6.80 per cent, while the three-month MCLR stands revised to 6.95 per cent, against 7.10 per cent.

The new rates will come to effect from November 7, 2020, Canara Bank said.

On Thursday, Indian Overseas Bank had announced to cut the one, two and three-year MCLRs by 0.05 per cent each to 7.45 per cent.

The overnight and one-month MCLR will be priced at 6.85 per cent each from 7.05 per cent and 7.35 per cent, respectively, at present.

The new rates will come to effect from November 10, 2020, Indian Overseas Bank had said.