Canara Bank has announced a revision to its Marginal Cost of Funds Based Lending Rate (MCLR) across various tenors. The updated rates, which reflect a 5 basis point increase for all tenors, are set to become effective from May 12, 2026. This adjustment impacts loan products linked to the bank’s internal benchmarks, including overnight, monthly, and yearly lending rates.
Revised Lending Rates Effective May 2026
Canara Bank has officially communicated an upward revision in its Marginal Cost of Funds Based Lending Rate (MCLR). These changes are scheduled to come into effect on May 12, 2026. Borrowers with loans linked to these specific tenors should note that the adjustment applies across the entire spectrum of the bank’s benchmark offerings.
Updated MCLR Schedule
The revised rates for the various tenors are as follows:
- Overnight MCLR: Increased to 7.90%
- One Month MCLR: Increased to 7.95%
- Three Month MCLR: Increased to 8.20%
- Six Month MCLR: Increased to 8.55%
- One Year MCLR: Increased to 8.75%
- Two Year MCLR: Increased to 9.00%
- Three Year MCLR: Increased to 9.05%
Each tenor has seen an increase of 0.05% from the previous rates. Customers are advised to consult with their respective branches to understand how these revised rates may impact their existing or future credit facilities.
Source: BSE
