Canara Bank, Bank of Maharashtra Cut Down MCLR; EMIs Set to Reduce

Canara Bank, Bank of Maharashtra Cut Down MCLR; EMIs Set to Reduce

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.

Canara Bank

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

Bank of Maharashtra

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 Deposits.

 

Also Read: Bank of Maharashtra Moratorium Extension: From June to August 2020

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