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.
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
| Tenor | MCLR (in %) |
| Overnight | 7.20 |
| 1 month MCLR | 7.20 |
| 3 month MCLR | 7.45 |
| 1 year MCLR | 7.55 |
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
| Tenor | MCLR (in %) |
| Overnight | 7.00 |
| 1 month MCLR | 7.10 |
| 3 month MCLR | 7.20 |
| 1 year MCLR | 7.50 |
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.
Reshma Rawat is a passionate writer with a decade of experience in writing for a variety of domains (finance, technology, lifestyle, e-commerce, real estate, etc.). Currently, she is working as Assistant Manager - Content @MyMoneyMantra and writes blogs & webpages on financial products (loans, credit cards, insurance, government financial policies, mutual funds, etc.).
Director- MyMoneyMantra FinTech| A senior retail and commercial banking professional, adept at handling Business Development, Sales Planning & Growth, Product Strategy, Marketing Operations and Client advisory services phygitally.
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