Canara Bank Loan Interest Rate Increased , EMI Will Go Up

Public Sector Canara Bank Loan interest Rate Increased i.e. Marginal cost of funds-based lending rates (MCLR) and repo linked lending rate (RLLR) to 8.10% and 8.80% respectively. Canara Bank’s 1-year MCLR is at 8.10%, while repo linked lending rate (RLLR) is at 8.80% now. Though majority of the Loans offered by this bank in Retail as well as MSME are under RLLR linked, the EMIs will goo up from this month..

As per the regulatory filing, Canara Bank hiked 1-year MCLR by 20 bps to 8.10% effective from November 7, compared to the previous 7.90%. While a similar hike has been made in the six-month MCLR to 8% from the previous 7.80%.

Check out Revised Home Loan Interest Rates:

All the loans offered by Canara Bank under Retail i.e. Home Loan, Mortgage Loan, Personal Loan, Car Loan etc. are based on Credit Risk Grading (CRG) levels from 1 to 4.

For women borrowers,

Home Loan rates under RLLR is set

1. At 8.55% for CRG-1,
2. At 8.85% for CRG-2,
3. At 9.25% for CRG-3, and
4. At 10.75% for CRG-4.

For other borrowers,

1. the home loan rate is at 8.60% for CRG-1,
2. at 8.90% for CRG-2,
3. at 9.30% for CRG-3, and
4. at 10.80% for CRG-4 levels.

Notably, the bank’s home loan interest rate is 5 bps lower for women borrowers than compared to others. Also, as per the website, for CRG-1 level borrowers (including both women and others), the bank is giving a concession of 0.25%.

However, the bank said the concession will be applicable to only Low-Risk Borrowers where new housing loans (all variants) are sanctioned and disbursed during the period i.e., from October 1 to December 31, 2022.

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Also, for housing loans under commercial real estate (3rd and subsequent dwelling unit), the rate will be above by +0.5%. Visit the official website of Canara Bank for instant approval, put your comment below for any query related to Canara Bank Loan Interest Rate.