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Canara Bank Notifies Retail and MSME Loan Interest Rates
In its latest revision of lending rates, Canara Bank left them unchanged. With effective from 7 January 2020, the public-sector bank retained its Repo Rate Linked Lending Rate (RLLR) for Retail Loans (Housing, Auto, Etc) and Micro, Small and Medium Enterprises (MSME) at 8.05 percent, as per the bank stock exchange filing on Monday.
Marginal Cost of Funds Based Lending Rate (MCLR) with effect from 7 January 2020:
| Tenure | MCLR (%) |
|---|---|
| Overnight | 7.90 |
| One month | 7.90 |
| Three months | 8.20 |
| Six months | 8.35 |
| One year | 8.35 |
Canara Bank also said that its Base Rate will remain at 9.10 percent from 7 January 2020.
Starting 1 October, banks were required to link their floating rate loans to any of the 4 external benchmarks: 1) RBI's repo rate 2) Government's 3-month treasury bill yield 3)Government's 6-month treasury bill yield 4)any benchmark market interest rate published by Financial Benchmarks India Limited (FBIL).
At its latest monetary policy review (on 6 December), RBI left its repo and reverse repo rates unchanged at 5.15 percent and 4.90 percent, respectively.
The RLLR set by banks includes margin charged by the bank based on various factors in addition to the repo rate.
