State-owned Canara Bank cuts MCLR by up to 15 bps

State-owned Canara Bank on Tuesday announced an up to 15 basis points cut in its marginal cost of funds based lending rate (MCLR).

The bank has decided to reduce the MCLR for one-year tenor by 10 basis points to 7.25 per cent effective from October 7, Canara Bank said in a regulatory filing.

Most of the consumer loans such as personal, auto and home are priced on the basis of the one-year MCLR.

The bank has lowered MCLR on overnight and one-month tenors by 0.15 per cent to 6.55 per cent.

Meanwhile, DCB Bank also reduced its MCLR by 0.05 per cent across tenors, effective from October 6.