Canara Bank, one of India's prominent public sector banks, has announced an upward revision in its Marginal Cost of Funds Based Lending Rate (MCLR) effective from 12th November 2026. This strategic adjustment is set to affect a range of loan tenures offered by the bank, thereby influencing borrowing costs for consumers.
The revised MCLR rates encompass various tenors, from overnight to three-year terms. The overnight MCLR will see an increase from 7.95% to 8.05%. Similarly, the one-month MCLR is set to rise from 8.05% to 8.15%, while the three-month MCLR will transition from 8.30% to 8.40%.
Further, Canara Bank has announced that its six-month MCLR will be adjusted from 8.65% to 8.75%. The one-year MCLR, which is often a benchmark for many loan products, including home loans, will increase from 8.80% to 8.90%.
In addition to these changes, the two-year and three-year MCLRs will see increases as well, with the two-year MCLR going up from 9.05% to 9.15%, and the three-year MCLR experiencing a rise from 9.10% to 9.20%.
This revision by Canara Bank comes in the wake of fluctuating market conditions and is part of the bank's periodic review process to align with funding costs. The MCLR ...