Canara Bank cuts MCLR

Canara Bank has cut its marginal cost of funds-based lending rate (MCLR) by up to 75 basis points. All rupee loans sanctioned and credit limits renewed with effect from January 7 will be priced with reference to the tenor-based MCLR. The revised MCLRs are: overnight 8.20 per cent; one-month 8.25 per cent; three-month 8.30 per cent; six-month 8.40 per cent; and one-year 8.45 per cent.