MCLR revised upward across all seven tenors with effect from 12.11.2026
Canara Bank has revised its Marginal Cost of Funds Based Lending Rate (MCLR) upward across all tenors, effective 12.11.2026.
By ScoutQuest · · 2 min read
- Effective Date
- 12.11.2026
- One-Year MCLR
- 8.80 to 8.90
- Overnight MCLR
- 7.95 to 8.05
What the update says
- Canara Bank has informed BSE and NSE that its Marginal Cost of Funds Based Lending Rate (MCLR) has been revised with effect from 12.11.2026.
- The revision covers all seven tenors the bank publishes, from overnight to three years.
Revised rates, tenor by tenor
- Overnight: 7.95 earlier, 8.05 with effect from 12.11.2026
- One month: 8.05 earlier, 8.15 now
- Three months: 8.30 earlier, 8.40 now
- Six months: 8.65 earlier, 8.75 now
- One year: 8.80 earlier, 8.90 now
- Two years: 9.05 earlier, 9.15 now
- Three years: 9.10 earlier, 9.20 now
Every tenor in the table is 0.10 higher than the existing rate shown against it.
What is MCLR? MCLR is a benchmark interest rate that banks publish for different loan durations. It is built from the bank's cost of funds and other factors. Most floating-rate loans, such as home, vehicle and business loans, are priced as MCLR for a chosen tenor plus a margin set by the bank. When the MCLR for that tenor changes, the rate on those loans usually changes as well.
What it means for borrowers
- Loans that are linked to MCLR and reset on the new rate will carry a higher interest rate from 12.11.2026.
- For such loans, the equated monthly instalment (EMI) or the loan tenure may be adjusted by the bank as per the loan agreement.
- Borrowers whose loans are on a fixed rate, or on a benchmark other than MCLR, are not directly covered by this revision.
- The update states the rates only; it does not set out how individual loan products will be affected.
The one-year rate matters most
- The one-year MCLR is the tenor most commonly used for retail and business loans.
- It moves from 8.80 to 8.90, so a loan priced at, say, MCLR plus a margin will be charged at the new, higher benchmark.
What kind of announcement this is
- This is a routine rate disclosure made to the stock exchanges by the bank's Company Secretary.
- It informs the market of the benchmark rate that will apply from a stated date and is described in the update as being for information and records.
- The rates are printed as bare numbers in the update's table, in percentage terms, as is standard for lending rate disclosures.
Also from Canara Bank
RTA KFin Technologies shifting its corporate office to Kokapet, Hyderabad from December 1, 2026
3 Nov 2026
Canara Bank shareholder sells 2.018% stake
3 Nov 2026
Canara Bank to exercise call option on Rs. 1500 crore Basel III AT-I bond on 2 December 2026
30 Oct 2026
More numbers
- Overnight MCLR w.e.f. 12.11.20268.05
- One Month MCLR w.e.f. 12.11.20268.15
- Three Month MCLR w.e.f. 12.11.20268.40
- Six Month MCLR w.e.f. 12.11.20268.75
- One Year MCLR - existing rate8.80
- One Year MCLR w.e.f. 12.11.20268.90
- Two Year MCLR w.e.f. 12.11.20269.15
- Three Year MCLR w.e.f. 12.11.20269.20
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