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Last Updated : Apr 06, 2020 04:46 PM IST | Source: PTI

Canara Bank slashes interest rates on loans/advances

The public sector lender 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.

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Canara Bank has reduced its Marginal Cost of Funds Based Lending Rate (MCLR) on loans/advances across all tenors with effect from April 6 for the amalgamated entity.

The public sector lender 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.

Repo Linked Lending Rate (RLLR) has been reduced by 75 basis points from 8.05 per cent to 7.30 per cent effective from Tuesday, it said in a statement.

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The amalgamation of Syndicate Bank into Canara Bank came into effect from April 1.

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First Published on Apr 6, 2020 04:40 pm
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