Synopsis Canara Bank revised its Repo Linked Lending Rate (RLLR) and Marginal Cost of Funds Based Lending Rate (MCFLR) (MCLR). The new interest rates are effective from March 12, 2023. Getty Images Canara Bank has revised the Repo Linked Lending Rate (RLLR) and Marginal Cost of Funds Based Lending Rate (MCLR). The new interest rates are effective from March 12, 2023, according to the BSE filing by the bank. Canara Bank MCLR Canara Bank increased the overnight MCLR by 35 basis points, from 7. 55% to 7. 90% and one month MCLR is increased by 45 bps from 7. 55% to 8%. The three-month MCLR has been increased by 25 bps to 8. 15%, while the six-month MCLR has been increased from 8. 30% to 8. 40%. The bank increased the one-year MCLR from 8. 50% to 8. 60%. MCLR Tenor Existing Rate Rate w. e. f. 12. 03. 2023 Overnight MCLR 7. 55% 7. 90% One Month MCLR 7. 55% 8. 00% Three Month MCLR 7. 90% 8. 15% Six Month MCLR 8. 30% 8. 40% One year MCLR 8. 50% 8. 60% Also read: RBI Rate Hike: How home loan EMIs under EBLR, MCLR, base rate, BPLR will be impacted, what borrowers should do now According to the Canara Bank website, “Rates of Interest of all Retail Lending Schemes are linked to Repo Linked Lending Rate (RLLR) W. E. F 12. 03. 2023 is 9. 25%. ” Banks that have hiked MCLR in March HDFC Bank has raised MCLR across tenures by 5 basis points. ICICI Bank has increased by up to 10 basis points across all tenures. Other banks include PNB, Bank of India, and YES bank have already hiked their MCLR in the month of March. MCLR linked home loan borrowers The benchmark regime under which the borrowers are repaying their loans often determines how the interest rate increase is passed on to the borrowers. Your EMI will climb the fastest and be equal to the increase in the repo rate if your house loan is linked to the repo rate and was taken out under the External Benchmark Linked Rate (EBLR). Nonetheless, base rate linked loans have transmission that is comparatively slower than MCLR linked loans, with the latter having the slowest transmission. Should you switch from MCLR The rate increase transmission is slower under the previous interest rate regimes, such as base rate, MCLR, or BPLR. So, there is a fair chance that you would be paying an interest rate that is significantly lower than what the new borrowers covered by EBLR are paying. You must therefore compare your interest rate to the current rates; if you are paying a lower rate, it is preferable for you to stick with the previous interest rate regime. When interest rates rise, that would be the ideal time for you to switch to the new EBLR system. Don’t miss out on ET Prime stories! Get your daily dose of business updates on WhatsApp. click here! Saturday, 11 Mar, 2023 Experience Your Economic Times Newspaper, The Digital Way! Read Complete Print Edition » Front Page Pure Politics Economy Brands & Companies More Jan Industrial Output up 5. 2% on Mfg Boost Industrial production rose 5. 2% in January, picking up pace from 4. 7% in the preceding month, as better-than-expected manufacturing provided a boost. Jittery D-Street Indices Slide 1% India’s equity indices slid over 1% on Friday, tracking overnight losses on Wall Street after the crisis in Silicon Valley Bank, an American lender that services startups, raised concerns over the health of the US financial system. US Govt Shuts SVB; FDIC named Receiver As news came in on Friday evening of the US government taking over Silicon Valley Bank (SVB), it rattled Indian investors and founders running SaaS companies with accounts at the lender. Read More News on canara bank interest rates Canara Bank home loan loan interest rate Marginal Cost of Funds Based Lending Rate Canara Bank MCLR bank of india canara bank icici bank hdfc bank (Your legal guide on estate planning, inheritance, will and more. ) Download The Economic Times News App to get Daily Market Updates & Live Business News. . . . more less ETPrime stories of the day Investing No new sector has emerged; overweight on capital goods, industrials: Devina Mehra of First Global 16 mins read Jobs Inside Flipkart’s downsizing drive: layoffs, meagre pay hikes, more PIPs 7 mins read Under the lens Pump and dump: How two YouTube videos wiped off crores from the pockets of thousands of investors 15 mins read Subscribe to ETPrime.