Mumbai: The third largest public sector bank in the country, Canara Bank has hiked the benchmark MCLR by up to 0.15%.After the hike the EMIs of loans like auto, personal and home loans will become costlier.
The benchmark one-year MCLR will be 7.75%. At present the rate is at 7.65%. The overnight and one-month tenor MCLRs are raised by 0.10%. MCLR rate of three-month tenor is hiked by 0.15% to 7.25 per cent.
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MCLR is the minimum rate of interest banks are allowed to give out loans to its customers. It is a benchmark interest rate and it dictates the lower limit of the interest rate for a loan.
Earlier several other banks like ICICI Bank, Indian Overseas Bank and Union Bank had hiked the rates.
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