Canara Bank raises MCLR 0.05% across all loan tenors
Canara Bank just bumped up its marginal cost of funds-based lending rate (MCLR) by 0.05% across all loan periods, starting May 12, 2026.
If you have a floating-rate home or car loan with them, expect your EMIs to go up a bit: the one-year MCLR, which is linked to several retail loans such as home, auto and personal loans, now stands at 8.75%, up from 8.70%.
Canara Bank MCL₹7.90% and 7.95%
The overnight and one-month MCLRs are now set at 7.90% and 7.95%.
These new rates kick in for any fresh loans or renewed credit facilities on or after May 12, 2026, but if your loan resets later, the hike will show up then.
On the bright side, Canara Bank's repo-linked lending rate (RLLR) stays put at 8%, and fixed deposit rates range from 3% to as much as 7% for seniors, so if you're saving instead of borrowing, nothing changes right now.