Canara Bank has kept its interest rate on retail loans unchanged while raising the MCLR-based lending rates on two tenures by 5 basis points.

 The state-run bank said on Wednesday that the repo-linked lending rates for retail and micro, small and medium enterprises (MSME) are kept unchanged. The retail loans include housing and vehicle, among others.

 The marginal cost of funds-based lending rate (MCLR), however, has increased from today. As per the Canara Bank website, the lender has hiked the MCLR rate for the tenures of six months and one year by 5 basis points.

 The new MCLR rate for six-month and one-year tenure is 8.45% and 8.65%, respectively.

 “The above MCLRs shall be applicable only to new loans/advances sanctioned/first disbursement made on or after 12.04.2023 and those credit facilities renewed / reviewed / reset undertaken and where switchover to MCLR linked interest rate is permitted at the option of the borrower, on or after 12.04.2023. The above MCLRs will be effective till next review,” Canara Bank said in its website.

 The MCLR rate for other tenures has been kept unchanged.