Canara Bank and HDFC Bank hike MCLR, month after RBI raised repo rate

Canara Bank's overnight and one-month MCLR are at 6.75 per cent now and HDFC Bank's website, the private lender's overnight MCLR now stands at 7.70 per cent

Canara Bank and HDFC Bank have increased their marginal cost of funds-based lending rates (MCLR) by 10 basis points and 20 basis points, respectively, with effect from July 7.

State-owned Canara Bank’s overnight and one-month MCLR are at 6.75 per cent now. The three-month MCLR is now at 7.05 per cent; six month MCLR is at 7.45 per cent; and one-year MCLR is at 7.50 per cent, information put out on the bank’s website revealed.

As per HDFC Bank’s website, the private lender’s overnight MCLR now stands at 7.70 per cent; the one-month MCLR is at 7.75 per