New Delhi: State-owned Canara Bank on Friday said it has cut the marginal cost of fund based lending rates (MCLR) by 0.05-0.15 per cent with effect from November 7. The one-year MCLR -- the benchmark for most of the consumer loans -- has been reduced by 0.05 per cent to 7.35 per cent from 7.40 per cent currently, Canara Bank said in a regulatory filing. The new rates will come to effect from November 7, 2020, Canara Bank said. The overnight and one-month MCLR will be priced at 6.85 per cent each from 7.05 per cent and 7.35 per cent, respectively, at present. The new rates will come to effect from November 10, 2020, Indian Overseas Bank had said.

Source: Mint November 06, 2020 16:41 UTC