Canara Bank announces increased interest rates for lending

Through an exchange filing, state-owned Canara Bank has increased the marginal cost of funds based lending rates following the repo rate hike.

For overnigt tenure, it was raised from 7.55 per cent to 7.90 per cent.

For a month, the interest rate is up from 7.55 per cent to 8 per cent.

As for three months, it has increased from 7.90 per cent to 8.15 per cent.

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For six months, customers need to pay 8.40 per cent.

While for a year-long tenure, the MCLR has been hiked from 8.50 per cent to 8.60 per cent.