look news india
Public sector Canara Bank has issued loans of various maturity periods. MCLR Announced an increase of 5 basis points i.e. 0.05 percent. Due to this decision of Canara Bank, loans have become expensive for most of the customers. Canara Bank said in a regulatory filing that the new interest rates will be effective from October 12. Canara Bank said that the MCLR interest rate has been increased from 9.00 percent to 9.05 percent for a period of one year. Let us tell you that interest rates on auto and personal loans are decided on the basis of MCLR.
Even one day loan has become expensive
Canara Bank said that the interest rate for maturity period of 1 month, 3 months and 6 months will be in the range of 8.40-8.85 percent. MCLR for overnight loans has been increased from 8.25 to 8.30 percent. This latest increase in interest rates by Canara Bank comes a day after the Reserve Bank of India announced that it will keep the repo rate at 6.5 percent for the 10th consecutive time.
Canara Bank had increased the interest rate even 2 months ago.
Let us tell you that Canara Bank has increased the loan interest rate for the second time in 2 months. Earlier, on August 9, 2024, Canara Bank had also increased MCLR by 5 basis points i.e. 0.05 percent. In August, Canara Bank raised the benchmark one-year tenure MCLR to 9.00 per cent from 8.95 per cent. Due to the recent increase in interest rates by the bank, taking loan will become costlier by 0.10 percent for the customers. The loan which was available at an interest rate of 8.95 percent two months ago, will now be available at an interest rate of 9.05 percent.