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Canara Bank Raises MCLR: Taking loan from Canara Bank has become expensive, know how much MCLR has increased from today

Canara Bank Raises MCLR: There is big news for the customers of public sector Canara Bank. Taking a loan from Canara Bank will become expensive from today as the bank has increased its MCLR (Marginal Cost of Lending Rate). The increased rates have come into effect from today, July 7. Canara Bank has increased the Marginal Cost of Lending Rate (MCLR) or Marginal Cost of Lending Rate (MCLR) of the fund by 0.10 per cent.

Canara Bank hikes one-year MCLR rate to 7.50 per cent
In the information sent to the stock exchanges, the bank said that the one-year MCLR rate has been increased to 7.50 percent, which will be applicable from July 7. The rates of most consumer loans like car loans, personal loans and home loans are decided on the basis of the one-year MCLR. Till yesterday, the one-year MCLR rate of Canara Bank was 7.40 percent, which has increased to 7.50 percent from today.

Canara Bank’s repo link loan rate also increased
The new rates for MCLR from one day to six months will be 6.75 to 7.45 percent. The loan rate (RLLR) linked to the repo of the bank has also been increased from 7.30 to 7.80 percent and these rates have also come into effect from July 7 i.e. today.

Many other banks have also increased MCLR recently.
After the recent hike in the repo rate by the Reserve Bank, many banks have increased their MCLR and have made it expensive for customers to take loans. Before Canara Bank, many other banks including State Bank of India, Bank of Baroda, HDFC Bank, Union Bank of India Axis Bank have increased their MCLR.

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