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Canara Bank has announced reduction of 0.10 percentage point in its MCLR based lending rate to 9.40 percent from April 1, making loans cheaper for consumers.
It has said in a filing that “The bank has revised its base rate (based on MCLR) from 9.50 percent to 9.40 percent, a reduction of 10 basis points (0.10 percent) with effect from April 1, 2017.”
According to the bank, all rupee loans and advances linked to the base rate will accordingly carry reduced rate of interest by 10 basis points.
