Canara Bank Adjusts Benchmark MCLR Rates Across Loan Durations

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Canara Bank Hikes MCLR Rates: What It Means for Your Loans

Canara Bank | According to Prime Infobase, retail shareholders sold Canara Bank shares worth ₹966 crore during the quarter, bringing down their total holding to 67.42 crore shares from 75.98 crore shares earlier. Shares of Canara Bank had gained 8.3% during the quarter.

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CNBC TV18•13-03-2026, 10:27

Canara Bank Hikes MCLR Rates: What It Means for Your Loans

•Canara Bank revised Marginal Cost of Funds Based Lending Rates (MCLR) across various tenures, effective March 12.
•New rates: Overnight 7.85%, One-month 7.90%, Three-month 8.15%, Six-month 8.50%, One-year 8.70%, Two-year 8.95%, Three-year 9.00%.
•MCLR is an RBI-introduced benchmark (April 2016) determining minimum lending rates, replacing the base rate system.
•Impacts loans still linked to MCLR (corporate, older retail loans); borrowers see changes on next reset date.
•Existing borrowers (except fixed-rate) can switch to MCLR-linked rates, but not for retail and MSME loans.

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