Canara Bank has increased its MCLR by 5 bps across various tenors, making most consumer loans more expensive. The new rates will come into effect from October 12, 2024.
New Delhi, Oct 10 (PTI) State-owned Canara Bank on Thursday raised the marginal cost of funds-based lending rate (MCLR) by 5 basis points (0.05 percentage points) across most tenors, making most of the consumer loans costlier.
The benchmark one-year tenor MCLR, which is used to price most consumer loans like auto and personal, will be at 9.05 per cent against the earlier rate of 9 per cent, Canara Bank said in a regulatory filing.
Among others, the rate of one-month, three-month and six-month tenors will be in the range of 8.40-8.85 per cent. The MCLR on overnight tenor will be 8.30 per cent against 8.25 per cent.
The new rates are effective from October 12, 2024.
The rate hike has come a day after the RBI kept its benchmark lending rate unchanged at 6.5 per cent for the ninth consecutive time.
Home » Market News » Canara Bank Raises Lending Rate by 5 bps - Consumer Loans Costlier
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
© 2024 Rediff.com India Limited. All rights reserved. Disclaimer - Terms of Service - Privacy Policy - Feedback