Canara Bank has announced its updated Marginal Cost of Funds Based Lending Rates (MCLR), effective from August 12, 2026. The new rates reflect a marginal increase across various tenors, including overnight, one-month, three-month, six-month, one-year, two-year, and three-year MCLR. These adjustments are in line with the bank’s strategy to manage its cost of funds and lending yields in the current market environment.
Canara Bank Announces Updated MCLR Rates
Canara Bank has officially communicated its revised Marginal Cost of Funds Based Lending Rates (MCLR), which are now effective from August 12, 2026. This update provides crucial information for borrowers and stakeholders regarding the bank’s current lending cost structure.
Details of MCLR Revisions
The following table outlines the updated MCLR for different loan tenors:
| Sr. No. | MCLR Tenor | Existing Rate | Rate w.e.f. 12.08.2026 |
|---|---|---|---|
| 1 | Overnight MCLR | 7.95 | 7.95 |
| 2 | One Month MCLR | 8.00 | 8.05 |
| 3 | Three Month MCLR | 8.25 | 8.30 |
| 4 | Six Month MCLR | 8.60 | 8.65 |
| 5 | One Year MCLR | 8.75 | 8.80 |
| 6 | Two Year MCLR | 9.00 | 9.05 |
| 7 | Three Year MCLR | 9.05 | 9.10 |
These revised rates will influence the interest charged on loans linked to the MCLR benchmark. The bank’s decision to update these rates reflects its ongoing assessment of market conditions and its own cost of funds.
Source: BSE
