India News | Canara Bank Hikes Lending Rate by 5 Bps Across Various Tenors

New Delhi, Oct 10 (PTI) State-owned Canara Bank on Thursday raised the marginal cost of funds-based lending rate (MCLR) by 5 basis points (0.05 percentage points) across most tenors, making most of the consumer loans costlier.

The benchmark one-year tenor MCLR, which is used to price most consumer loans like auto and personal, will be at 9.05 per cent against the earlier rate of 9 per cent, Canara Bank said in a regulatory filing.

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Among others, the rate of one-month, three-month and six-month tenors will be in the range of 8.40-8.85 per cent. The MCLR on overnight tenor will be 8.30 per cent against 8.25 per cent.

The new rates are effective from October 12, 2024.

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The rate hike has come a day after the RBI kept its benchmark lending rate unchanged at 6.5 per cent for the ninth consecutive time.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)