Shock to Canara Bank customers! Bank increased its MCLR and RLLR, EMI will be expensive
Canara Bank Hikes MCLR RLLR: The country’s largest public sector bank Canara Bank has decided to increase its loan interest rates. Since then its customers have suffered a setback. The bank has increased its Marginal Cost of Lending Rates by 15 to 20 basis points. Apart from this, the Repo Rate Lending Rates have also been increased. These new rates have come into effect from 7 November 2022 i.e. Monday.
In such a situation, the customers of the bank will have to pay a higher rate of interest for their car loan, home loan, education loan. In this way, the EMI burden will increase on you. Reserve Bank of India is continuously increasing its repo rate to control inflation in the country. In such a situation, it is directly affecting the bank’s loan interest rates and deposit rates. There is a steady increase in both.
Know about Canara Bank’s MCLR and RLLR-
The bank has increased its MCLR. Now the MCLR of one year loan has increased from 7.90 percent to 8.10 percent. At the same time, the MCLR of 6 months loan has increased from 7.80 percent to 8.00 percent. At the same time, the overnight MCLR has increased from 7.05 to 7.25 percent. At the same time, the MCLR of the bank’s three-month loan has increased from 7.40 percent to 7.55 percent. At the same time, the 1-year repo rate linked rate has now reached 8.80 percent.
Increased EMI burden on customers
Only after the increase in the Marginal Cost of Lending Rates (MCLR) and Repo Rate Linked Lending Rates (RLLR), the customers of the bank will have to pay more of their EMIs. Let us tell you that banks fix their car loan, home loan, education loan interest rates and EMI according to MCLR and RLLR. It is worth noting that the bank has announced that it will give a discount of 5 basis points to its women customers in the home loan interest rates. This exemption will be applicable till 31 December 2022.
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The bank also increased the interest rate on FDs of less than 2 crores
Canara Bank (Canara Bank FD Rates) has recently decided to increase the interest rate on its FDs less than Rs 2 crore on 31 October 2022. Canara Bank FD Rates has decided to increase the interest rate on FDs from 7 days to 10 years. 7 days to 10 years FD is offering interest rate from 3.25 percent to 6.50 percent to ordinary citizens. At the same time, the bank is offering an interest rate of 3.25 percent to 7.50 percent to senior citizens.
The bank is offering 3.25 percent interest rate on FDs of 7 to 45 days. On the other hand, 4.50 percent on FDs of 46 to 90 days, 5.50 percent on FDs of 91 to 179 days, 5.50 percent on FDs of 180 to 269 days, 5.50 percent on FDs from 270 to 1 year and 6.25 percent on FDs of 1 year. Offering interest rate. At the same time, 6.25 percent on FDs from 1 to 2 years, 7.00 percent on FDs of 666 days, 6.25 percent on FDs of 2 to 3 years, 6.50 percent on FDs from 3 to 5 years and 6.50 on FDs from 5 to 10 years. Percentage interest rate Canara Bank is offering to its customers.
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