Canara Bank has increased the interest rates of loans. The bank has increased the marginal cost based lending rate (MCLR) by 0.05 percent for several periods. Due to this, most of the consumer loans of the bank have become expensive. That is, now it will be expensive for you to take a loan from Canara Bank. You will have to pay more interest than before.
Canara Bank said in a regulatory notice that the benchmark one-year period MCLR has been increased from 9% to 9.05%. Based on this, the rates of car and personal loans are decided. Apart from this, the loan rate for one month, three months and six months will be in the range of 8.40-8.85%.
The MCLR for one day loan has been increased from 8.25% to 8.30%. The new rates have become effective from October 12, 2024. This increase in rates has been done a day after the Reserve Bank maintained its key policy rate repo at 6.5% for the ninth consecutive time.
The repo rate was kept stable
This time also no change has been made in the policy interest rates i.e. the repo rate will remain at 6.50%. 5 out of 6 members of MPC were not in favor of changing the interest rates. Let us tell you that in the Zee Business poll also it was said that the repo rate would not increase, which has proved to be correct. This means that the common man will not get any relief regarding EMI on all types of loans including home loan, auto loan at present. Let us tell you that RBI last increased the rates by 0.25% to 6.5% in February 2023, since then they have remained the same.
