Canara Bank reduces MCLR by upto 75 bps

State-run Canara Bank today said it has reduced the minimum cost of funds based lending rates (MCLR) by up to 75 basis points for various maturities.
The new rates are effective from January 7, the bank said in a statement here.
The overnight MCLR has been reduced by 70 basis points to 8.20 per cent from 8.90 per cent.
The three-month MCLR has been reduced to 8.30 per cent from 9.05 per cent.
The one-year loan will now attract an interest of 8.45 per cent against 9.15 per cent, the bank said.