Canara Bank has revised its one-year Marginal Cost of Funds-Based Lending Rate (MCLR) to 8.80% from 9.00% with effect from June 12, 2025. This follows the Reserve Bank of India (RBI) recent rate cuts in the repo rate to boost credit growth and moderate borrowing costs.
Key Highlights:
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One-year MCLR fell from 9.00% to 8.80%, as of June 12, 2025.
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Overnight MCLR remains at 8.30%, and six-month MCLR remains at 8.90%.
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Rate cutting is in line with RBI's monetary policy easing to stimulate economic growth.
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Cut MCLR to favor home loan and corporate clients.
Canara Bank is among the lenders to restructure interest rates after RBI repo rate adjustment.
This rate reduction will most probably make borrowing less expensive for lenders, particularly home and business loans.
Source: Canara Bank | The Daily Jagran | MyMoneyMantra