Archive · 13 Nov 2025
Canara Bank Cuts MCLR by 0.05%, Making Loans Cheaper
Canara Bank, a large bank in India, has decided to lower the interest rates it charges on loans.
This is like getting a small discount on the price of borrowing money.
They reduced their MCLR, which is the minimum interest rate banks can lend at.
Because of this change, which started on November 12th, people who have loans for homes, cars, or personal use will pay a little less each month.
This means that buying a new home or car might be slightly easier, and people who already have loans will see their payments go down a bit.
Canara Bank has decreased its MCLR by 0.05% on loans of various durations.
The new rates are effective from November 12.
This reduction will make home, car, and personal loans more affordable.
A Rs 30 lakh home loan over 20 years could see a monthly EMI reduction of Rs 150-Rs 200.
This is Canara Bank's first rate cut this quarter, with other major banks like Bank of Baroda and IDBI Bank not yet following suit.
- Who
- Canara Bank
- What
- Reduced its Marginal Cost of Funds-Based Lending Rate (MCLR) by 0.05% across various loan tenures.
- When
- Effective November 12
- Where
- India
- Why
- To make home, car, and personal loans more affordable.
- Bank Name
- Canara Bank
- Rate Cut
- 0.05 percent
- Effective Date
- November 12
- New 1-Year MCLR
- 8.70 percent
- Impacted Loans
- Home, Car, Personal Loans