Canara Bank, Bank of Maharashtra Cut Down MCLR; EMIs Set to Reduce

Following the State Bank of India and HDFC Bank, Canara Bank and Bank of Maharashtra have also slashed marginal-cost based lending rate (MCLR) by 10 basis points and 20 basis points respectively across all tenors. The new MCLR rates are effective from today.

Canara Bank

The one-year MCLR of Canara Bank now stands at 7.55 per cent from 7.65 per cent. The Overnight and one-month MCLR are 7.20 per cent each. While the three month MCLR rate will now be 7.45 per cent.

Canara Bank MCLR, Effective from July 7, 2020

Bank of Maharashtra

The one-year MCLR of Bank of Maharashtra (BoM) is slashed 20 bps points and stands at 7.50 per cent from 7.70 per cent w.e.f July 7, 2020. Its overnight, one-month and three months MCLR are 7 per cent, 7.10 per cent and 7.20 per cent respectively.

BoM MCLR, Effective from July 7, 2020

Following March, the RBI has cut benchmark lending rates by 115 bps to ease the lending rates and reduce the monthly loan liability of customers. As a result, banks are consistently reducing lending rates and have also slashed down return on Savings Accounts and Fixed Deposit.