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Canara Bank MCLR Rate

Current Canara Bank MCLR rates range from 7.90% to 8.80% for different tenures w.e.f 12.01.2024. The MCLR is the minimum interest rate that the bank can charge for its loans. This rate is fixed every month by the bank.

Updated:

MCLR Rate by Top Banks

The Marginal Cost of the Fund-Based Lending Rate (MCLR) is the minimum rate of interest below which a lender cannot charge for a specific loan. The MCLR determines the lower limit of the loan interest rate. 

Following are Canara Bank MCLR Rate and the MCLR rates of top banks in India at present:

Bank NameOvernight1 Month3 Months6 Months1 Year2 Years3 Years
Kotak Bank8.50%8.75%8.90%9.20%9.35%9.40%9.50%
Bank of Baroda8.05%8.30%8.40%8.60%8.80%NANA
UCO Bank8.00%8.25%8.40%8.65%8.80%NANA
Yes Bank9.20%9.45%10.00%10.25%10.50%NANA
HDFC Bank8.80%8.80%9.00%9.20%9.25%9.25%9.30%
ICICI Bank8.60%8.60%8.65%9.00%9.10%NANA
SBI8.00%8.20%8.20%8.55%8.65%8.75%8.85%
PNB8.25%8.30%8.40%8.60%8.70%NA9.00%
PSB7.70%7.80%8.30%8.45%8.60%NANA
Axis Bank9.05%9.05%9.15%9.20%9.25%9.35%9.40%
Citibank6.50%6.55%6.75%7.00%6.95%NANA
IndusInd Bank9.05%9.10%9.45%9.85%10.15%10.20%10.20%
IDFC FIRST Bank9.50%9.50%9.75%10.10%10.25%NANA
Bank of India7.95%8.25%8.40%8.60%8.80%NA9.00%
Central Bank of India7.95%8.00%8.35%8.55%8.70%NANA
Federal Bank9.05%9.10%9.15%9.25%8.70%NA9.30%
IDBI Bank7.90%8.05%8.35%8.55%8.60%9.20%9.60%
Indian Overseas Bank8.00%8.20%8.40%8.65%8.80%8.80%8.85%
Canara Bank7.90%8.00%8.15%8.45%8.80% NANA 
Kotak Bank8.50%8.75%8.90%9.20%9.35%9.40%9.50%

You can also Apply for a Canara Bank Home Loan and check EMI, Interest rate and Eligibility Online to avail offer.

HDFC Home Loan Offer

MCLR Rate of Canara Bank

Current MCLR of Canara Bank with effect from 12th July, 2023 are mentioned below:

TenureCanara Bank MCLR Rate
Overnight7.95%
1 Month8.05%
3 Months8.15%
6 Months8.50%
1 Year8.80%

You can also check Canara Bank Loan Against Property Online.

Canara Bank MCLR Rate Trend

Below is the Canara Bank MCLR trend in the year 2024:

Last MCLR Updated Date TenureMCLR
12.08.2023Overnight7.95%
1 Month8.05%
3 Months8.15%
6 Months8.50%
1 Year8.80%
12.07.2023Overnight7.90%
1 Month8.00%
3 Months8.15%
6 Months8.45%
1 Year8.65%
12.05.2023Overnight7.90%
1 Month8.00%
3 Months8.15%
6 Months8.45%
1 Year8.65%
7.11.2022Overnight7.25%
1 Month7.25%
3 Months7.55%
6 Months8%
1 Year8.10%
7.10.2022Overnight7.05%
1 Month7.05%
3 Months7.40%
6 Months7.80%
1 Year7.90%
7.08.2022Overnight6.80%
1 Month6.80%
3 Months7.10%
6 Months7.60%
1 Year7.65%
7.07.2022Overnight6.75%
1 Month6.75%
3 Months7.05%
6 Months7.45%
1 Year7.50%
7.06.2022Overnight6.65%
1 Month 6.65%
3 Months6.95%
6 Months7.35%
1 Year7.40%
07.05.2022Overnight6.65%
1 Month6.65%
3 Months6.95%
6 Months7.30%
1 Year7.35%
07.02.2022Overnight6.55%
1 Month6.55%
3 Months6.85%
6 Months7.20%
1 Year7.25%
07.01.2022Overnight6.55%
1 Month6.55%
3 Months6.85%
6 Months7.20%
1 Year7.25%

Canara 1 Year MCLR Rate

Currently, the ongoing one-year MCLR Canara Bank rate is 8.80% effective from Aug 12, 2023. The MCLR rates of the bank are updated every month on the 12th. Even a little change in the MCLR can significantly affect your Canara Bank Home loan interest rates. Hence, you must check the updated MCLR every month.

Following are the 1-year MCLR Canara Bank for the year 2023:

Date of UpdateTenureMCLR
12.08.20231 Year8.80%
12.07.20231 Year8.65%
12.05.20231 Year8.65%
07.01.20221 Year7.25%
07.02.20221 Year7.25%
07.03.20221 Year7.25%
07.04.20221 Year7.25%
07.05.20221 Year7.35%
07.06.20221 Year7.40%
07.07.20221 Year7.50%
07.08.20221 Year7.65%
07.09.20221 Year7.75%
07.10.20221 Year7.90%
07.11.20221 Year8.10%

Canara Bank MCLR Rate History

There has been a frequent change in the MCLR and RLLR of Canara Bank this year. Following is the Canara Bank MCLR history along with the Canara Bank RLLR rate history for the year 2023:

Last MCLR Updated Date MCLRRLLR
12.08.20237.90% - 8.80%9.25%
12.07.20237.90% - 8.65%9.25%
12.05.20237.90% - 8.65%9.25%
7.11.20227.25% - 8.10%8.80%
7.10.20227.05% - 7.90%8.80%
7.08.20227.80% - 7.65%8.30%
7.07.20226.75% - 7.50%7.80%
7.06.20226.65% - 7.40%7.30%
07.05.20226.65% - 7.35%7.30%
07.02.20226.55% - 7.25%6.90%
07.01.20226.55% - 7.25%6.90%

Canara Bank MCLR Rate FAQs

What is current MCLR rate?

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Currently, Canara Bank MCLR ranges from 7.90% - 8.80% for different tenures.

What is the current 1-year MCLR of Canara Bank?

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The current 1-year MCLR of Canara Bank is 8.80% w.e.f 12.08.2023.

What is the current Canara Bank Base Rate?

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The current Canara Bank Base Rate is 8.95% w.e.f 12.08.2023.

What is Repo Rate in Canara Bank?

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The current Repo Rate in Canara Bank is 6.50% as per the 12th Aug 2023 update by RBI.

What is the current MCLR rate by RBI?

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The current MCLR (overnight) fixed by the RBI ranges from 7.90% - 8.80%.