MCLR rates have been increased by Canara Bank. A total increase of 5 basis points has been made by the bank.
Public sector bank Canara Bank has increased the Marginal Cost of Lending Rates (MCLR) by 5 basis points or 0.05 percent. MCLR is directly related to all types of loans given by the bank including personal loan, home loan, gold loan. Increase in this may lead to increase in EMI.
What are the new rates of MCLR?
The increase in MCLR rates by Canara Bank will be implemented from March 12, 2024. After this increase, there may be an increase in the loan EMI. After the increase, MCLR rates in Canara Bank have ranged from 8.15 percent to 9.30 percent.
The overnight MCLR rate is 8.15 percent.
- One month MCLR has become 8.25 percent, which was earlier 8.20 percent.
- MCLR for three months has become 8.35 percent. Earlier it was 8.30 percent.
- Six-month MCLR has been increased to 8.70 percent. Earlier it was 8.65 percent.
- One year MCLR has increased to 8.90 percent. Earlier it was 8.85 percent.
- The two-year MCLR has increased from 9.15 percent to 9.20 percent.
- The three-year MCLR has increased from 9.25 percent to 9.30 percent.
What was the connection of MCLR with interest rates?
MCLR is directly related to interest rates. On this basis, any bank determines the minimum interest rate for any loan. If there is an increase in it then the EMI of the loan related to it also increases.
