Canara Bank slashes interest rates on loans upto 35 bps

New Delhi, April 6 (IANS): Canara Bank has reduced its Marginal Cost of Funds Based Lending Rate (MCLR) on Loans and Advances across all tenors with effect from April, for the amalgamated entity.

The bank has reduced interest rate by 35 basis points (bps) under one year tenor, 30 bps basis under 6 months tenor, 20 bps under 3 months tenor and 15 bps under overnight and one month tenors.

With the cut, the tenor linked MCLRs of the Bank shall vary between 7.50 per cent and 7.85 per cent.

The bank has also reduced its Repo Linked Lending Rate (RLLR) by 75 basis points from 8.05 per cent to 7.30 per cent.

After the merger with Syndicate Bank, the Canara Bank has now the fourth largest state-owned bank by assets. The amalgamation has become effective from April 1.