Canara Bank has announced a revision in its Marginal Cost of Funds Based Lending Rate (MCLR) across various tenors, effective from 12 May 2026. This adjustment reflects slight increases in the rates, impacting borrowers across different loan categories.
The overnight MCLR will see an increase from 7.85% to 7.90%. The one-month MCLR is set to rise from 7.90% to 7.95%. For the three-month tenor, the rate will go up from 8.15% to 8.20%. Similarly, the six-month MCLR will be revised from 8.50% to 8.55%.
Longer-term MCLR rates have also been adjusted. The one-year MCLR will increase from 8.70% to 8.75%, while the two-year MCLR will rise from 8.95% to 9.00%. The three-year MCLR will see a change from 9.00% to 9.05%.
These changes in MCLR rates are critical for borrowers as they directly affect the interest rates on loans linked to these benchmarks. The revision is part of the bank’s periodic review of lending rates, which is influenced by changes in the cost of funds and other economic factors.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).