Canara Bank hikes MCLR, revises repo-linked rates from 7 Nov; EMIs to go up

As per the regulatory filing, Canara Bank hiked 1-year MCLR by 20 bps to 8.10% effective from November 7, compared to the previous 7.90%. While a similar hike has been made in the six-month MCLR to 8% from the previous 7.80%.

Also, a 20 bps hike is made on MCLR for tenures like overnight and one-month MCLR to 7.25% each from the previous 7.05% each.

On the other hand, the bank hiked the three-month MCLR by 15 bps to 7.55% from the previous 7.40%.

As per the Canara Bank website, the RLLR of the bank is set at 8.8% effective from November 7.

Check out revised home loan rates:

It needs to be noted that Canara Bank’s interest rates on loans are based on Credit Risk Grading (CRG) levels from 1 to 4.

For women borrowers, home loan rates under RLLR is set at 8.55% for CRG-1, at 8.85% for CRG-2, at 9.25% for CRG-3, and at 10.75% for CRG-4.

On the other hand, for other borrowers, the home loan rate is at 8.60% for CRG-1, at 8.90% for CRG-2, at 9.30% for CRG-3, and at 10.80% for CRG-4 levels.

Notably, the bank’s home loan interest rate is 5 bps lower for women borrowers than compared to others. Also, as per the website, for CRG-1 level borrowers (including both women and others), the bank is giving a concession of 0.25%.

However, the bank said the concession will be applicable to only Low-Risk Borrowers where new housing loans (all variants) are sanctioned and disbursed during the period i.e., from October 1 to December 31, 2022.

Also, for housing loans under commercial real estate (3rd and subsequent dwelling unit), the rate will be above by +0.5%.