Canara Bank Lending Rate: One-year MCLR rises to 8.75%; home loan, auto loan EMIs likely to rise - effective from THIS date

Canara Bank Lending Rate: Canara Bank has revised its Marginal Cost of Funds Based Lending Rate (MCLR) for all loan tenors. According to the exchange filing, the bank has increased MCLR rates by 5 basis points (bps) across all maturities. Canara Bank's new MCLR rates will be effective from May 12, 2026.

According to the revised rates, the overnight MCLR has been increased from 7.85 per cent to 7.90 per cent, while the one-month MCLR has been raised from 7.90 per cent to 7.95 per cent.

The one-year MCLR, which is linked to various retail loans such as home, auto, and personal loans, has now risen to 8.75 per cent, up from 8.70 per cent.

Borrowers with MCLR-linked floating-rate loans may see an increase in interest rates, contingent upon the reset date and terms outlined in their loan agreements. According to a notice posted on Canara Bank's website, the revised MCLR rates will apply to new loans or advances sanctioned on or after May 12, 2026.

These rates will also be applicable to credit facilities that are renewed, reviewed, or reset on or after this date -- including instances where borrowers opt to switch to MCLR-linked interest rates.

The Repo Linked Lending Rate (RLLR) of this PSU bank stands at 8 per cent effective from April 12, 2026.

Canara Bank offers Fixed Deposit (FD) interest rates ranging from 3 per cent to 6.5 per cent for general citizens, for tenures ranging from 7 days to 10 years. For senior citizens, the bank offers FD interest rates between 3 per cent and 7 per cent, with the highest rate for both categories available on a tenure of 555 days. These rates are effective from January 5, 2026.

Canara Bank shares were up 0.54 per cent at Rs 130.05 on the BSE, compared to the previous close of Rs 129.35.